https://www.taxtmi.com/caselaws?id=447198 ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal deleted addition u/s 41 regarding outstanding liability as no such liability existed in financial statements for Axom Communications. For disallowance u/s 40a(ia) regarding non-deposit of TDS, the tribunal partially allowed relief, restricting disallowance to 30% instead of full amount based on Finance Act 2014 amendment having retrospective effect. The tribunal deleted ad-hoc 20% expenditure disallowance, finding no specific defects in audited books and noting AO's contradictory stance on voucher verification. Penalty u/s 271(1)(c) was also deleted due to defective notice failing to specify clear charges under the provision. en-us Mon, 18 Dec 2023 00:00:00 +0530 Wed, 20 Dec 2023 09:39:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447198 ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal deleted addition u/s 41 regarding outstanding liability as no such liability existed in financial statements for Axom Communications. For disallowance u/s 40a(ia) regarding non-deposit of TDS, the tribunal partially allowed relief, restricting disallowance to 30% instead of full amount based on Finance Act 2014 amendment having retrospective effect. The tribunal deleted ad-hoc 20% expenditure disallowance, finding no specific defects in audited books and noting AO's contradictory stance on voucher verification. Penalty u/s 271(1)(c) was also deleted due to defective notice failing to specify clear charges under the provision. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447198