https://www.taxtmi.com/caselaws?id=312473 ITAT Mumbai remanded the section 68 addition issue to AO for verification of cash deposits during demonetization, directing AO to examine bank statements of M/s Gupta Suppliers Company and delete additions if cash withdrawals match deposits. The tribunal allowed the appellant's ground on section 115JB computation, ruling AO cannot go behind audited profit and loss accounts except as per explanation to section 115JB. Section 14A disallowance was restricted to exempt income amount of INR 96,031. The section 115JB addition for section 14A was remanded for fresh determination without applying Rule 8D. Transfer pricing adjustment was upheld where AE sales rates were lower than non-AE rates. en-us Wed, 08 Feb 2023 00:00:00 +0530 Tue, 20 Feb 2024 17:26:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312473 ITAT Mumbai remanded the section 68 addition issue to AO for verification of cash deposits during demonetization, directing AO to examine bank statements of M/s Gupta Suppliers Company and delete additions if cash withdrawals match deposits. The tribunal allowed the appellant's ground on section 115JB computation, ruling AO cannot go behind audited profit and loss accounts except as per explanation to section 115JB. Section 14A disallowance was restricted to exempt income amount of INR 96,031. The section 115JB addition for section 14A was remanded for fresh determination without applying Rule 8D. Transfer pricing adjustment was upheld where AE sales rates were lower than non-AE rates. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312473