https://www.taxtmi.com/caselaws?id=756469 ITAT Delhi dismissed revenue's appeal across multiple additions. Regarding GP increase addition, AO rejected books without cogent reasons despite assessee explaining profit margin factors and maintaining proper mercantile accounts. For unexplained creditors addition, AO failed to verify genuineness despite assessee providing creditor lists, with CIT(A) correctly noting AO's lack of verification efforts. On credit card commission expenses, AO's disallowance based solely on non-incurrence in preceding year was improper, as revenue cannot determine reasonable business expenditure. CIT(A) properly admitted additional evidence under rule 46A, with ITAT finding sufficient cause existed for delayed submission. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756469 ITAT Delhi dismissed revenue's appeal across multiple additions. Regarding GP increase addition, AO rejected books without cogent reasons despite assessee explaining profit margin factors and maintaining proper mercantile accounts. For unexplained creditors addition, AO failed to verify genuineness despite assessee providing creditor lists, with CIT(A) correctly noting AO's lack of verification efforts. On credit card commission expenses, AO's disallowance based solely on non-incurrence in preceding year was improper, as revenue cannot determine reasonable business expenditure. CIT(A) properly admitted additional evidence under rule 46A, with ITAT finding sufficient cause existed for delayed submission. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756469