https://www.taxtmi.com/caselaws?id=444791 ITAT Delhi dismissed revenue's appeal regarding sundry creditor additions, unexplained interest expenses, and book rejection. The tribunal upheld CIT(A)'s deletion of additions, finding assessee provided credible evidence including PAN, ITR, bank statements establishing creditors' identity and creditworthiness. Interest payments were legitimate as creditors reinvested received interest. AO lacked factual basis to reject books of accounts merely due to increased expenses without proper enquiry. CIT(A) correctly applied established tax jurisprudence principles requiring valid grounds before rejecting maintained accounts. en-us Tue, 10 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 08:46:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444791 ITAT Delhi dismissed revenue's appeal regarding sundry creditor additions, unexplained interest expenses, and book rejection. The tribunal upheld CIT(A)'s deletion of additions, finding assessee provided credible evidence including PAN, ITR, bank statements establishing creditors' identity and creditworthiness. Interest payments were legitimate as creditors reinvested received interest. AO lacked factual basis to reject books of accounts merely due to increased expenses without proper enquiry. CIT(A) correctly applied established tax jurisprudence principles requiring valid grounds before rejecting maintained accounts. Case-Laws Income Tax Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444791