Assessee and his wife were partners in a dairy Farm and engaged in business of sale of farm fresh milk of cows.\u00a0 During search, Assessing Officer found that assessee had made cash payments aggregating to Rs. 30 lakhs in three equal instalments to Deepak.\u00a0 Assessing Officer held\u00a0 that source of cash remained unexplained made an addition under section 69C. CIT(A) confirmed the addition.\u00a0 On appeal the Tribunal held that\u00a0 assessee had submitted that above transactions of Rs. 10 lakhs each had been entered into through Deepak\u00a0 for purchase of cows and that Deepak. Since assessee had discharged his onus of explaining nature and source of transactions during course of search proceedings, impugned addition made by Assessing Officer and sustained by Commissioner (Appeals) on basis of suspicion is\u00a0\u00a0 deleted. (AY. 2020-21)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69C : Unexplained expenditure-Sale transaction-Expalined the source of transactions-Addition is deleted. <\/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-47920","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-csU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47920","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=47920"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47920\/revisions"}],"predecessor-version":[{"id":47921,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47920\/revisions\/47921"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}