https://www.taxtmi.com/caselaws?id=312176 The ITAT Indore upheld CIT(A)'s deletion of disallowance under section 14A read with Rule 8D, finding no infirmity in CIT(A)'s detailed analysis that disallowance was unwarranted. For unaccounted interest payments on cash-loans, ITAT reversed CIT(A) and upheld AO's addition, finding laptop seized from assessee's premises contained tally-data with both accounted and unaccounted transactions, corroborated by loose papers and employee statements under section 132(4). However, ITAT upheld CIT(A)'s deletion of addition based on documents seized from third party premises, as no presumption under section 292C applied and no cross-examination opportunity was provided. For bogus petrol pump payments, ITAT confirmed CIT(A)'s deletion as excel sheets showed no cash receipts during the relevant assessment year 2011-12. en-us Tue, 10 Jan 2023 00:00:00 +0530 Tue, 06 Feb 2024 08:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312176 The ITAT Indore upheld CIT(A)'s deletion of disallowance under section 14A read with Rule 8D, finding no infirmity in CIT(A)'s detailed analysis that disallowance was unwarranted. For unaccounted interest payments on cash-loans, ITAT reversed CIT(A) and upheld AO's addition, finding laptop seized from assessee's premises contained tally-data with both accounted and unaccounted transactions, corroborated by loose papers and employee statements under section 132(4). However, ITAT upheld CIT(A)'s deletion of addition based on documents seized from third party premises, as no presumption under section 292C applied and no cross-examination opportunity was provided. For bogus petrol pump payments, ITAT confirmed CIT(A)'s deletion as excel sheets showed no cash receipts during the relevant assessment year 2011-12. Case-Laws Income Tax Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312176