https://www.taxtmi.com/caselaws?id=757469 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal deleted the ad-hoc 20% expense disallowance, finding it improper since no expenditure was claimed in the return. Regarding Section 68 addition for unsecured loans from sister concern, the tribunal allowed the appeal as the assessee had submitted required confirmations and bank statements to lower authorities. The tribunal also deleted additions for unexplained cash deposits totaling Rs. 8 lacs, finding the assessee maintained sufficient cash through share application money and bank withdrawals as evidenced in the cash book. en-us Wed, 21 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:18:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757469 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal deleted the ad-hoc 20% expense disallowance, finding it improper since no expenditure was claimed in the return. Regarding Section 68 addition for unsecured loans from sister concern, the tribunal allowed the appeal as the assessee had submitted required confirmations and bank statements to lower authorities. The tribunal also deleted additions for unexplained cash deposits totaling Rs. 8 lacs, finding the assessee maintained sufficient cash through share application money and bank withdrawals as evidenced in the cash book. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757469