https://www.taxtmi.com/caselaws?id=313817 ITAT Varanasi-AT decided multiple issues in favor of the assessee. For section 40A(3) additions, the tribunal upheld CIT(A)'s relief of Rs. 9,95,800 where individual cash payments were below Rs. 20,000 threshold, while confirming addition of Rs. 12,06,600 for excess payments. Section 14A disallowance was deleted as assessee had sufficient own funds exceeding investment value and earned no exempt income. Section 68 addition for trade creditors was deleted as purchases were accepted. Capital expenditure disallowance for iron rods was deleted as no new asset was created. Unexplained investment addition was deleted as DVO report wasn't confronted with assessee. Syntax division loss was allowed for set-off. PF/ESI disallowance was remanded for verification under General Clauses Act. en-us Thu, 16 Nov 2023 00:00:00 +0530 Fri, 03 May 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313817 ITAT Varanasi-AT decided multiple issues in favor of the assessee. For section 40A(3) additions, the tribunal upheld CIT(A)'s relief of Rs. 9,95,800 where individual cash payments were below Rs. 20,000 threshold, while confirming addition of Rs. 12,06,600 for excess payments. Section 14A disallowance was deleted as assessee had sufficient own funds exceeding investment value and earned no exempt income. Section 68 addition for trade creditors was deleted as purchases were accepted. Capital expenditure disallowance for iron rods was deleted as no new asset was created. Unexplained investment addition was deleted as DVO report wasn't confronted with assessee. Syntax division loss was allowed for set-off. PF/ESI disallowance was remanded for verification under General Clauses Act. Case-Laws Income Tax Thu, 16 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313817