ITAT quashes GP Ratio Application on Gross Receipts in Absence of Suppression or Discrepancy, upholds Addition of Unexplained Expenditure u/s 69C of IT Act as Negotiations Not Proved

By Devanand T R - On August 21, 2023 4:30 pm - 2 mins read
ITAT quashes GP Ratio - ITAT - GP Ratio - Application on Gross Receipts - Application - Gross Receipts - Discrepancy - Suppression - Addition of Unexplained Expenditure - Unexplained Expenditure - IT Act - Negotiations Not Proved - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench has quashed the rejection of books of accounts of the assessee and the Gross Profit (GP) Ratio application on Gross Receipts in the absence of suppression or discrepancy in the accounts, but upheld the addition of Unexplained Expenditure under Section 69C of Income Tax Act, 1961 as…

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