https://www.taxtmi.com/caselaws?id=390602 The Tribunal partially allowed the appeal, directing the deletion of certain additions under the Income Tax Act, 1961. The addition of Rs. 75,00,000 under Section 68 was deleted as the source of credit was explained and verifiable. The matter of Rs. 21,04,667 disallowed under Section 40(a)(ia) was remanded to verify if the payees had disclosed the payments. The addition of Rs. 24,44,658 under Section 14A was deleted due to lack of evidence of diversion of funds. Other minor additions were dismissed or deleted based on insufficient reasoning by the Assessing Officer. en-us Fri, 08 Nov 2019 00:00:00 +0530 Tue, 07 Jan 2020 07:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390602 The Tribunal partially allowed the appeal, directing the deletion of certain additions under the Income Tax Act, 1961. The addition of Rs. 75,00,000 under Section 68 was deleted as the source of credit was explained and verifiable. The matter of Rs. 21,04,667 disallowed under Section 40(a)(ia) was remanded to verify if the payees had disclosed the payments. The addition of Rs. 24,44,658 under Section 14A was deleted due to lack of evidence of diversion of funds. Other minor additions were dismissed or deleted based on insufficient reasoning by the Assessing Officer. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390602