https://www.taxtmi.com/caselaws?id=449729 The ITAT Delhi dismissed the Revenue's appeal on multiple grounds. The tribunal upheld CIT(A)'s findings that no deduction u/s 35AC was claimed, making disallowance questions irrelevant. Regarding additions for interest on loans and advances, the tribunal confirmed these were business transactions, not loans to sister concerns, and the AO erroneously imputed imaginary income. The section 14A disallowance was properly deleted as the assessee claimed no exempt income, making the provision inapplicable per established precedent. Finally, the interest income addition was correctly deleted after CIT(A) verified ledger entries, with the AO failing to properly appreciate the facts. en-us Tue, 02 Jan 2024 00:00:00 +0530 Mon, 19 Feb 2024 07:32:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449729 The ITAT Delhi dismissed the Revenue's appeal on multiple grounds. The tribunal upheld CIT(A)'s findings that no deduction u/s 35AC was claimed, making disallowance questions irrelevant. Regarding additions for interest on loans and advances, the tribunal confirmed these were business transactions, not loans to sister concerns, and the AO erroneously imputed imaginary income. The section 14A disallowance was properly deleted as the assessee claimed no exempt income, making the provision inapplicable per established precedent. Finally, the interest income addition was correctly deleted after CIT(A) verified ledger entries, with the AO failing to properly appreciate the facts. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449729