https://www.taxtmi.com/caselaws?id=463729 ITAT upheld the order of the Commissioner deleting the addition on alleged unaccounted business receipts noted in an excel sheet, holding that such income had already been assessed in the hands of a sister concern and taxed by the Revenue; sustaining the addition would result in impermissible double taxation, contrary to Article 265 and settled law. However, ITAT reversed the Commissioner's relief on disallowance of interest paid on late remittance of TDS, holding that such interest is not expenditure incurred wholly and exclusively for business under section 37(1). The Revenue's appeal was thus partly allowed only on the TDS interest issue. en-us Wed, 29 May 2024 00:00:00 +0530 Wed, 10 Dec 2025 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463729 ITAT upheld the order of the Commissioner deleting the addition on alleged unaccounted business receipts noted in an excel sheet, holding that such income had already been assessed in the hands of a sister concern and taxed by the Revenue; sustaining the addition would result in impermissible double taxation, contrary to Article 265 and settled law. However, ITAT reversed the Commissioner's relief on disallowance of interest paid on late remittance of TDS, holding that such interest is not expenditure incurred wholly and exclusively for business under section 37(1). The Revenue's appeal was thus partly allowed only on the TDS interest issue. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463729