https://www.taxtmi.com/caselaws?id=239191 The ITAT directed the AO to delete the additions made on account of unaccounted hundies, as there was no evidence linking them to the assessee. The ITAT emphasized procedural fairness and found the addition to be based on conjecture. It also ruled that interest under section 234B was not applicable for the relevant assessment year. The ITAT dismissed the revenue's appeal on penalty proceedings under section 271(1)(c) as premature, consequent to deciding in favor of the assessee on the main appeal. en-us Wed, 09 Oct 2013 00:00:00 +0530 Fri, 08 Nov 2013 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239191 The ITAT directed the AO to delete the additions made on account of unaccounted hundies, as there was no evidence linking them to the assessee. The ITAT emphasized procedural fairness and found the addition to be based on conjecture. It also ruled that interest under section 234B was not applicable for the relevant assessment year. The ITAT dismissed the revenue's appeal on penalty proceedings under section 271(1)(c) as premature, consequent to deciding in favor of the assessee on the main appeal. Case-Laws Income Tax Wed, 09 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239191