https://www.taxtmi.com/caselaws?id=447749 The ITAT Delhi dismissed the revenue's appeal on two grounds. First, regarding addition under section 68 for share application money, the tribunal upheld CIT(A)'s deletion finding the share applicant's assessment was accepted by AO and investments were made in multiple years, not just an isolated transaction. Second, concerning disallowance of expenses due to suspended airline operations since 2009, the tribunal confirmed CIT(A)'s deletion based on consistency principle, noting the company remained incorporated under Companies Act, incurred statutory expenses, and suspension of operations doesn't equate to business closure or liquidation. en-us Thu, 19 Oct 2023 00:00:00 +0530 Wed, 03 Jan 2024 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447749 The ITAT Delhi dismissed the revenue's appeal on two grounds. First, regarding addition under section 68 for share application money, the tribunal upheld CIT(A)'s deletion finding the share applicant's assessment was accepted by AO and investments were made in multiple years, not just an isolated transaction. Second, concerning disallowance of expenses due to suspended airline operations since 2009, the tribunal confirmed CIT(A)'s deletion based on consistency principle, noting the company remained incorporated under Companies Act, incurred statutory expenses, and suspension of operations doesn't equate to business closure or liquidation. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447749