https://www.taxtmi.com/caselaws?id=766031 The ITAT Delhi dismissed the Revenue's appeal across all grounds. Regarding additions u/s 68 for creditworthiness, the tribunal upheld CIT(A)'s deletion noting loan repayments with interest and TDS deduction, finding AO ignored repayments while considering cumulative loans. For additional advances, no Rule 46A remand was required as documents were available with AO and submitted per CIT(A)'s specific query. Disallowance u/s 69C was deleted as assessee constructed factory worth Rs. 15.06 crore, purchased materials with 5% GST, and payments made from bank term loans. Addition u/s 37 for discount expenses was deleted as rebates were less than 1% of turnover, properly accounted, and AO hadn't rejected books of account. en-us Wed, 12 Feb 2025 00:00:00 +0530 Sat, 15 Feb 2025 08:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766031 The ITAT Delhi dismissed the Revenue's appeal across all grounds. Regarding additions u/s 68 for creditworthiness, the tribunal upheld CIT(A)'s deletion noting loan repayments with interest and TDS deduction, finding AO ignored repayments while considering cumulative loans. For additional advances, no Rule 46A remand was required as documents were available with AO and submitted per CIT(A)'s specific query. Disallowance u/s 69C was deleted as assessee constructed factory worth Rs. 15.06 crore, purchased materials with 5% GST, and payments made from bank term loans. Addition u/s 37 for discount expenses was deleted as rebates were less than 1% of turnover, properly accounted, and AO hadn't rejected books of account. Case-Laws Income Tax Wed, 12 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766031