https://www.taxtmi.com/caselaws?id=381463 The ITAT Chennai dismissed the Revenue's appeal against the deletion of an addition made by the AO under Section 69 of the Act for unexplained investment in immovable properties. The ITAT upheld the CIT(A)'s decision in favor of the assessee firm, emphasizing the reasonable explanations provided for delayed payments and the plausibility of cashless transactions due to family connections. The ITAT highlighted the importance of considering actual facts in income-tax proceedings and concluded that the CIT(A) correctly accepted the assessee's explanations, leading to the dismissal of the Revenue's appeal. en-us Mon, 27 May 2019 00:00:00 +0530 Wed, 12 Jun 2019 06:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381463 The ITAT Chennai dismissed the Revenue's appeal against the deletion of an addition made by the AO under Section 69 of the Act for unexplained investment in immovable properties. The ITAT upheld the CIT(A)'s decision in favor of the assessee firm, emphasizing the reasonable explanations provided for delayed payments and the plausibility of cashless transactions due to family connections. The ITAT highlighted the importance of considering actual facts in income-tax proceedings and concluded that the CIT(A) correctly accepted the assessee's explanations, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381463