https://www.taxtmi.com/caselaws?id=768286 The ITAT Delhi dismissed revenue's appeal and partly allowed assessee's appeal. Regarding unsecured loans u/s 68, the Tribunal upheld CIT(A)'s deletion of addition as all three ingredients were satisfied through banking channels and proper documentation. For cash found during search, the Tribunal allowed assessee's ground since the company owned up the cash with supporting evidence. On interest charges u/s 234A/B/C, the Tribunal confirmed 234A for delayed filing but noted 234C applies only to returned income. For alleged on-money addition, the Tribunal held that evidence from third-party premises cannot be used in u/s 153A proceedings without following u/s 153C procedure. The Tribunal upheld CIT(A)'s gross profit determination and deletion of unsecured loan addition, while confirming only Rs. 1 lakh investment addition, correcting AO's arithmetic error. en-us Thu, 10 Oct 2024 00:00:00 +0530 Thu, 03 Apr 2025 10:54:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768286 The ITAT Delhi dismissed revenue's appeal and partly allowed assessee's appeal. Regarding unsecured loans u/s 68, the Tribunal upheld CIT(A)'s deletion of addition as all three ingredients were satisfied through banking channels and proper documentation. For cash found during search, the Tribunal allowed assessee's ground since the company owned up the cash with supporting evidence. On interest charges u/s 234A/B/C, the Tribunal confirmed 234A for delayed filing but noted 234C applies only to returned income. For alleged on-money addition, the Tribunal held that evidence from third-party premises cannot be used in u/s 153A proceedings without following u/s 153C procedure. The Tribunal upheld CIT(A)'s gross profit determination and deletion of unsecured loan addition, while confirming only Rs. 1 lakh investment addition, correcting AO's arithmetic error. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768286