https://www.taxtmi.com/caselaws?id=761575 ITAT Delhi ruled in favor of the assessee regarding alleged non-disclosure of income based on import reconciliation differences. The AO made additions presuming undisclosed income from discrepancies between export-import summary data and books of account, without considering credit notes. The tribunal found the assessee had properly recorded all imports, with duty payments matching records. The AO failed to substantiate how import recording led to income suppression. Despite gross assessable value differences, no undisclosed income was involved, and the addition was deleted. en-us Fri, 04 Oct 2024 00:00:00 +0530 Tue, 12 Nov 2024 15:25:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761575 ITAT Delhi ruled in favor of the assessee regarding alleged non-disclosure of income based on import reconciliation differences. The AO made additions presuming undisclosed income from discrepancies between export-import summary data and books of account, without considering credit notes. The tribunal found the assessee had properly recorded all imports, with duty payments matching records. The AO failed to substantiate how import recording led to income suppression. Despite gross assessable value differences, no undisclosed income was involved, and the addition was deleted. Case-Laws Income Tax Fri, 04 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761575