https://www.taxtmi.com/caselaws?id=449487 The ITAT Ahmedabad dismissed the Revenue's appeal regarding unaccounted investment u/s 69C, upholding CIT(A)'s deletion of the addition. The tribunal found that the disputed amount was already offered as gross profits, making section 69C inapplicable. However, the tribunal ruled against the assessee on deduction u/s 80IB(10), holding that timely filing of returns is mandatory despite the assessee's arguments about search operations and record availability. The tribunal also directed the AO to verify TDS-related disallowances u/s 40(a)(ia) for proper quantification and potential credit. en-us Fri, 09 Feb 2024 00:00:00 +0530 Mon, 12 Feb 2024 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449487 The ITAT Ahmedabad dismissed the Revenue's appeal regarding unaccounted investment u/s 69C, upholding CIT(A)'s deletion of the addition. The tribunal found that the disputed amount was already offered as gross profits, making section 69C inapplicable. However, the tribunal ruled against the assessee on deduction u/s 80IB(10), holding that timely filing of returns is mandatory despite the assessee's arguments about search operations and record availability. The tribunal also directed the AO to verify TDS-related disallowances u/s 40(a)(ia) for proper quantification and potential credit. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449487