https://www.taxtmi.com/caselaws?id=761875 ITAT Delhi dismissed revenue's appeal challenging deletion of addition u/s 69A where AO treated assessee's sales as bogus. Court found AO accepted books of account, purchases, and inventory but made addition based on unsupported presumption that assessee rerouted own funds. CIT(A) correctly noted no discrepancy in financial results and assessee likely purchased gold in grey market. Additionally, ITAT allowed assessee's appeal on validity of reassessment proceedings, finding approval u/s 151 was mechanically granted using another person's assessment with mere "yes" notation, making initiation bad in law and setting aside entire assessment. en-us Wed, 16 Oct 2024 00:00:00 +0530 Tue, 19 Nov 2024 08:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761875 ITAT Delhi dismissed revenue's appeal challenging deletion of addition u/s 69A where AO treated assessee's sales as bogus. Court found AO accepted books of account, purchases, and inventory but made addition based on unsupported presumption that assessee rerouted own funds. CIT(A) correctly noted no discrepancy in financial results and assessee likely purchased gold in grey market. Additionally, ITAT allowed assessee's appeal on validity of reassessment proceedings, finding approval u/s 151 was mechanically granted using another person's assessment with mere "yes" notation, making initiation bad in law and setting aside entire assessment. Case-Laws Income Tax Wed, 16 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761875