https://www.taxtmi.com/caselaws?id=444218 The Tribunal upheld the Ld. CIT(A)'s decision to delete the additions made by the AO on three issues. For the first issue, the Tribunal agreed with the Ld. CIT(A) that the AO's adhoc disallowance of operating expenses lacked consideration of existing records and the assessee's own disallowance. On the second issue, the Tribunal confirmed the deletion of additions for differences in liabilities, accepting additional evidence not verified by the AO. Regarding the third issue, the Tribunal upheld the deletion of disallowance under section 14A, as no exempt income was earned, aligning with the precedent set by the Delhi HC. The revenue's appeal was dismissed. en-us Tue, 30 May 2023 00:00:00 +0530 Wed, 11 Oct 2023 08:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444218 The Tribunal upheld the Ld. CIT(A)'s decision to delete the additions made by the AO on three issues. For the first issue, the Tribunal agreed with the Ld. CIT(A) that the AO's adhoc disallowance of operating expenses lacked consideration of existing records and the assessee's own disallowance. On the second issue, the Tribunal confirmed the deletion of additions for differences in liabilities, accepting additional evidence not verified by the AO. Regarding the third issue, the Tribunal upheld the deletion of disallowance under section 14A, as no exempt income was earned, aligning with the precedent set by the Delhi HC. The revenue's appeal was dismissed. Case-Laws Income Tax Tue, 30 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444218