https://www.taxtmi.com/caselaws?id=447431 ITAT Delhi dismissed revenue's appeal regarding unaccounted interest receipts for AY 2006-07. AO treated property transactions between assessee and Vatika Group as camouflaged loan transactions based on seized documents from survey u/s 133A. CIT(A) deleted the addition finding insufficient evidence to establish transactions were actually loans rather than genuine property deals. ITAT upheld CIT(A)'s decision following precedent in SEH Realtors case. For AY 2011-12, ITAT also dismissed revenue's appeal on s.14A disallowance, affirming CIT(A)'s deletion as no incriminating material was found during search to justify disallowance, applying Kabul Chawla ratio approved by SC. en-us Thu, 30 Nov 2023 00:00:00 +0530 Mon, 25 Dec 2023 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447431 ITAT Delhi dismissed revenue's appeal regarding unaccounted interest receipts for AY 2006-07. AO treated property transactions between assessee and Vatika Group as camouflaged loan transactions based on seized documents from survey u/s 133A. CIT(A) deleted the addition finding insufficient evidence to establish transactions were actually loans rather than genuine property deals. ITAT upheld CIT(A)'s decision following precedent in SEH Realtors case. For AY 2011-12, ITAT also dismissed revenue's appeal on s.14A disallowance, affirming CIT(A)'s deletion as no incriminating material was found during search to justify disallowance, applying Kabul Chawla ratio approved by SC. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447431