https://www.taxtmi.com/caselaws?id=446942 ITAT Delhi upheld CIT(A)'s deletion of addition under section 41 regarding cessation of liability, finding AO failed to discharge preliminary onus and made additions without proper verification despite assessee providing ledger accounts and evidence of running accounts with parties. Court confirmed deletion of 50% handling charges disallowance, noting expenses were genuine under mercantile accounting system. Addition under section 68 for unsecured loans was remanded to AO for fresh adjudication due to CIT(A)'s cryptic order. Disallowance of PMS fees and interest on TDS deletion was upheld as legitimate business expenses. Section 14A disallowance was correctly restricted to dividend income amount. Directors' remuneration issue under section 40A(2)(b) was remanded for proper examination of increased accommodation costs. en-us Fri, 06 Oct 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:53:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446942 ITAT Delhi upheld CIT(A)'s deletion of addition under section 41 regarding cessation of liability, finding AO failed to discharge preliminary onus and made additions without proper verification despite assessee providing ledger accounts and evidence of running accounts with parties. Court confirmed deletion of 50% handling charges disallowance, noting expenses were genuine under mercantile accounting system. Addition under section 68 for unsecured loans was remanded to AO for fresh adjudication due to CIT(A)'s cryptic order. Disallowance of PMS fees and interest on TDS deletion was upheld as legitimate business expenses. Section 14A disallowance was correctly restricted to dividend income amount. Directors' remuneration issue under section 40A(2)(b) was remanded for proper examination of increased accommodation costs. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446942