In the result, C.O. filed by the assessee is allowed
Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay
69C of the Income-tax Act, 1961 Unexplained expenditure (Bogus purchases) Assessee-company was engaged in manufacture of high-pressure seamless cylinders Pursuant to search and seizure operations of group concerns of assessee, Assessing Officer on basis of statement made by a director of assessee opined that assessee-company siphoned off cash by issuing cheques against bagus capital expenses debited