https://www.taxtmi.com/caselaws?id=766313 ITAT Hyderabad ruled on multiple issues in a search assessment case. The tribunal disallowed interest paid under section 201(1A) for late TDS deposit, following Madras HC precedent that such payments are not allowable business expenditure. However, for an unabated assessment year, the tribunal deleted additions made by AO citing lack of incriminating material, relying on SC ruling in Abhisar Buildwell case. The tribunal upheld CIT(A)'s deletion of additions under section 69C, finding sufficient cash balance to justify sources and noting projected amounts weren't actual payments. en-us Tue, 07 Jan 2025 00:00:00 +0530 Sat, 22 Feb 2025 08:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766313 ITAT Hyderabad ruled on multiple issues in a search assessment case. The tribunal disallowed interest paid under section 201(1A) for late TDS deposit, following Madras HC precedent that such payments are not allowable business expenditure. However, for an unabated assessment year, the tribunal deleted additions made by AO citing lack of incriminating material, relying on SC ruling in Abhisar Buildwell case. The tribunal upheld CIT(A)'s deletion of additions under section 69C, finding sufficient cash balance to justify sources and noting projected amounts weren't actual payments. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766313