https://www.taxtmi.com/caselaws?id=775611 The ITAT Delhi - AT held that the addition of unaccounted income based on seized documents was justified as the assessee failed to provide credible evidence explaining the nature and source of the unexplained receipts. The appellant's claim that interest paid was a revenue expenditure linked to the additional business income was rejected since the director admitted the transactions were unexplained business receipts and included notional interest. Consequently, the interest paid/payable was to be ignored. However, the addition of Rs. 1,18,00,755/- made by the AO was found unsustainable and was deleted. The revenue's appeal was dismissed. en-us Wed, 16 Jul 2025 00:00:00 +0530 Mon, 28 Jul 2025 08:27:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775611 The ITAT Delhi - AT held that the addition of unaccounted income based on seized documents was justified as the assessee failed to provide credible evidence explaining the nature and source of the unexplained receipts. The appellant's claim that interest paid was a revenue expenditure linked to the additional business income was rejected since the director admitted the transactions were unexplained business receipts and included notional interest. Consequently, the interest paid/payable was to be ignored. However, the addition of Rs. 1,18,00,755/- made by the AO was found unsustainable and was deleted. The revenue's appeal was dismissed. Case-Laws Income Tax Wed, 16 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775611