Held that the purchase of mobile phone is recorded in the books of account hence\u00a0\u00a0 addition cannot be made as unexplained investment. Advance for purchase of car addition cannot be\u00a0 assessed as unexplained expenditure.\u00a0 Loose sheet found in the course of search is a\u00a0 dumb document. Onus is on department to collect cogent corroborative evidence, addition\u00a0 is deleted. Purchase of goods\u00a0 is recoded in the books of account addition is deleted. As regards unexplained jewellery, the matter is remanded to the Assessing Officer.\u00a0\u00a0 Payment to event management and catering payments are made against tax invoices raised along with goods and services tax.hence addition is deleted. As regards cash found\u00a0 which is reflected in the books of account, addition is deleted. Expenses incurred\u00a0 for construction of residential house source explained and reflected in the nooks of account. Addition is deleted.\u00a0 Purchase of foreign currency, explained the\u00a0 source of purchase, addition is deleted.\u00a0 (AY. 2012-13 to 2020-21)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69 : Unexplained investments-Purchase of mobile phone-Recorded in the books of account-Advance for purchase of car-Loose sheet-Dumb documents-Addition cannot be made-Purchase of goods recoded in the books of account-Addition is deleted-Unexplained jewellery-Matter remanded to Assessing Officer-Wedding expenditure-Addition is deleted-Expenses incurred for construction of residential house-Source explained and reflected in the nooks of account-Addition is deleted-Purchase of foreign currency-Explained the source of purchase-Addition is deleted. [S.69A, 69C, 131(IA), 132, 132(4A), 153C] <\/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-52262","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dAW","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52262","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=52262"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52262\/revisions"}],"predecessor-version":[{"id":52263,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52262\/revisions\/52263"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}