https://www.taxtmi.com/caselaws?id=457828 The HC dismissed the Commissioner's appeal against the ITAT's ruling, which deleted INR 4.2 crores of additional income under undisclosed sources. The ITAT found no incriminating evidence or seized material justifying taxation of the INR 86 crores linked to a loan waiver. It concluded that the waiver was not taxable for individual assessees, and Cellcap Securities, a foreign entity, was not taxable in India. The court upheld the ITAT's decision, citing no substantial question of law to interfere with the ruling, and recognized the retraction of the amount as based on incorrect legal advice. en-us Tue, 20 Feb 2024 00:00:00 +0530 Fri, 27 Sep 2024 21:11:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457828 The HC dismissed the Commissioner's appeal against the ITAT's ruling, which deleted INR 4.2 crores of additional income under undisclosed sources. The ITAT found no incriminating evidence or seized material justifying taxation of the INR 86 crores linked to a loan waiver. It concluded that the waiver was not taxable for individual assessees, and Cellcap Securities, a foreign entity, was not taxable in India. The court upheld the ITAT's decision, citing no substantial question of law to interfere with the ruling, and recognized the retraction of the amount as based on incorrect legal advice. Case-Laws Income Tax Tue, 20 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457828