AO held that\u00a0 the\u00a0 assessee had made cash payments\u00a0 and source remained unexplained hence made under section 69C of the Act .\u00a0\u00a0 During course of assessment proceedings the assessee explained that cash was actually 10lakh which was collected and received by Deepak thrice and the final time through Rahish Pal Singh. The assessee was asked to discharge his onus of explanation, nature and source of transaction. The ITAT held that the assessee had discharged his onus of explaining the nature and source of transaction during search proceedings. The court held that there is no justification on facts and in law for impugned additions which directed the ld. AO to delete. The appeal of assessee is allowed.( AY. 2020 -21 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S.69C : Unexplained expenditure- Sale transaction- Purchaser confirmed the transaction \u2013 Addition is deleted . [ S. 132(4) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39598","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aiG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39598"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39598\/revisions"}],"predecessor-version":[{"id":39599,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39598\/revisions\/39599"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}