https://www.taxtmi.com/caselaws?id=450732 The ITAT Delhi upheld CIT(A)'s decision deleting additions under section 68 for unexplained credits, finding the assessee successfully proved identity, creditworthiness, and genuineness of transactions through passport verification and bank records showing clear credit balances. The tribunal also upheld CIT(A)'s rulings on section 14A disallowance restrictions, deletion of business expense disallowances for audited accounts, and allowance of genuine long-term capital loss from share sales at board-resolved prices, following established HC precedents. All revenue grounds were dismissed. en-us Tue, 13 Feb 2024 00:00:00 +0530 Mon, 11 Mar 2024 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450732 The ITAT Delhi upheld CIT(A)'s decision deleting additions under section 68 for unexplained credits, finding the assessee successfully proved identity, creditworthiness, and genuineness of transactions through passport verification and bank records showing clear credit balances. The tribunal also upheld CIT(A)'s rulings on section 14A disallowance restrictions, deletion of business expense disallowances for audited accounts, and allowance of genuine long-term capital loss from share sales at board-resolved prices, following established HC precedents. All revenue grounds were dismissed. Case-Laws Income Tax Tue, 13 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450732