https://www.taxtmi.com/caselaws?id=763111 ITAT Chennai ruled in favor of the assessee on multiple issues. Court deleted additions for FDR deposits and silverware found in wife's name, holding these assets belonged to the wife and any additions should be made in her hands, not the assessee's. Marriage expenses were reduced from Rs. 5 lakhs to Rs. 3 lakhs, and personal drawings from Rs. 8.05 lakhs to Rs. 2.70 lakhs due to lack of evidence. Court dismissed additions for advance tax payments, foreign trips, bank deposits, and Himalaya Benefit Fund investment due to unexplained sources. Additions for transponder charges and equipment purchases were deleted as they related to company transactions. Assessment under section 153C was quashed for lack of incriminating material. en-us Fri, 20 Sep 2024 00:00:00 +0530 Wed, 18 Dec 2024 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763111 ITAT Chennai ruled in favor of the assessee on multiple issues. Court deleted additions for FDR deposits and silverware found in wife's name, holding these assets belonged to the wife and any additions should be made in her hands, not the assessee's. Marriage expenses were reduced from Rs. 5 lakhs to Rs. 3 lakhs, and personal drawings from Rs. 8.05 lakhs to Rs. 2.70 lakhs due to lack of evidence. Court dismissed additions for advance tax payments, foreign trips, bank deposits, and Himalaya Benefit Fund investment due to unexplained sources. Additions for transponder charges and equipment purchases were deleted as they related to company transactions. Assessment under section 153C was quashed for lack of incriminating material. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763111