https://www.taxtmi.com/caselaws?id=440403 The appeals by the revenue, relating to addition based on website rates for Assessment Years 2012-13 and 2013-14, were dismissed. The ITAT upheld the CIT(A)'s decision to delete the additions, as they were deemed to be based on presumptions and surmises without concrete evidence. The Assessing Officer's assumptions regarding taxable amounts were unfounded, and no evidence of "on money" receipts was found. Additionally, the deletion of an addition on account of notional interest was upheld, as advances were made in the ordinary course of business. en-us Fri, 14 Jul 2023 00:00:00 +0530 Mon, 17 Jul 2023 23:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440403 The appeals by the revenue, relating to addition based on website rates for Assessment Years 2012-13 and 2013-14, were dismissed. The ITAT upheld the CIT(A)'s decision to delete the additions, as they were deemed to be based on presumptions and surmises without concrete evidence. The Assessing Officer's assumptions regarding taxable amounts were unfounded, and no evidence of "on money" receipts was found. Additionally, the deletion of an addition on account of notional interest was upheld, as advances were made in the ordinary course of business. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440403