https://www.taxtmi.com/caselaws?id=449246 The HC upheld the ITAT's decision to delete the addition of Rs. 42,98,84,771/- made by the AO under Section 41(1) of the Income Tax Act, 1961, for the assessment year 2012-13. The court agreed with the ITAT that the discrepancies in the credit entries were satisfactorily explained, as the differences arose from book entries where the actual payment by the assessee occurred in a subsequent year. The HC found no substantial question of law and dismissed the revenue's appeal, affirming the ITAT's order. en-us Tue, 17 Oct 2023 00:00:00 +0530 Thu, 08 Feb 2024 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449246 The HC upheld the ITAT's decision to delete the addition of Rs. 42,98,84,771/- made by the AO under Section 41(1) of the Income Tax Act, 1961, for the assessment year 2012-13. The court agreed with the ITAT that the discrepancies in the credit entries were satisfactorily explained, as the differences arose from book entries where the actual payment by the assessee occurred in a subsequent year. The HC found no substantial question of law and dismissed the revenue's appeal, affirming the ITAT's order. Case-Laws Income Tax Tue, 17 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449246