https://www.taxtmi.com/caselaws?id=425978 The Appellate Tribunal ITAT DELHI ruled in favor of the assessee on all issues. It set aside the disallowance under Section 40A(2)(b) concerning Moulds Manufacturing & Repair expenses, disallowed the addition under Section 2(22)(e) for loans obtained from a sister concern, and canceled penalties imposed under Section 271(1)(c) for various assessment years. The Tribunal emphasized the lack of merit in the quantum additions and the debatable nature of the issues, leading to the reversal of penalties. en-us Fri, 29 Jul 2022 00:00:00 +0530 Thu, 04 Aug 2022 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425978 The Appellate Tribunal ITAT DELHI ruled in favor of the assessee on all issues. It set aside the disallowance under Section 40A(2)(b) concerning Moulds Manufacturing & Repair expenses, disallowed the addition under Section 2(22)(e) for loans obtained from a sister concern, and canceled penalties imposed under Section 271(1)(c) for various assessment years. The Tribunal emphasized the lack of merit in the quantum additions and the debatable nature of the issues, leading to the reversal of penalties. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425978