On this reasoning, the outstanding LC amount was characterised as bogus expenditure and added under section 69C. On the one hand, the Assessing Officer has observed that actual movement of goods under the said transactions was not noticed. In fact, the case of Assessing Officer is that the purchase transactions are “only accommodation entries and not really purchases”. Therefore, we delete the addition of INR 104,99,73,370/- made by the Assessing Officer under Section 69C of the Act. Further, we note that the Assessing Officer has also accepted the sales made by the Appellant.