https://www.taxtmi.com/caselaws?id=755868 ITAT Delhi dismissed revenue's appeal and upheld CIT(A)'s deletion of additions made under Section 69A. AO incorrectly added unexplained cash deposits by comparing book receipts with bank statements, ignoring mercantile accounting principles where coaching fees are taxable only upon service accrual. CIT(A) correctly recognized assessee's proper accounting method and statutory audit compliance. Similarly, additions for alleged property investment were deleted as assessee provided lease agreements proving rental arrangement, not purchase. Other additions regarding unexpired fees, rent charges, and contractor payments were also deleted as CIT(A) found adequate documentation and proper business justification. en-us Thu, 18 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 08:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755868 ITAT Delhi dismissed revenue's appeal and upheld CIT(A)'s deletion of additions made under Section 69A. AO incorrectly added unexplained cash deposits by comparing book receipts with bank statements, ignoring mercantile accounting principles where coaching fees are taxable only upon service accrual. CIT(A) correctly recognized assessee's proper accounting method and statutory audit compliance. Similarly, additions for alleged property investment were deleted as assessee provided lease agreements proving rental arrangement, not purchase. Other additions regarding unexpired fees, rent charges, and contractor payments were also deleted as CIT(A) found adequate documentation and proper business justification. Case-Laws Income Tax Thu, 18 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755868