https://www.taxtmi.com/caselaws?id=312821 ITAT Indore ruled in favor of the assessee on multiple grounds. The tribunal deleted disallowances under sections 40A(3) and 40(a)(ia) as expenses were genuine, paid through banking channels with proper TDS deduction. Addition for PWD deduction was deleted as it was compensatory, not penal. Net profit estimation at 6% was rejected as book results were accepted. Share application money addition under section 68 was deleted as assessee proved identity and creditworthiness. Reassessment proceedings were quashed for being change of opinion and initiated beyond four-year limitation. Mobilization advance addition was deleted as income was offered in subsequent year when work was performed. en-us Thu, 24 Nov 2022 00:00:00 +0530 Sat, 09 Mar 2024 18:52:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312821 ITAT Indore ruled in favor of the assessee on multiple grounds. The tribunal deleted disallowances under sections 40A(3) and 40(a)(ia) as expenses were genuine, paid through banking channels with proper TDS deduction. Addition for PWD deduction was deleted as it was compensatory, not penal. Net profit estimation at 6% was rejected as book results were accepted. Share application money addition under section 68 was deleted as assessee proved identity and creditworthiness. Reassessment proceedings were quashed for being change of opinion and initiated beyond four-year limitation. Mobilization advance addition was deleted as income was offered in subsequent year when work was performed. Case-Laws Income Tax Thu, 24 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312821