Section 68 additions on creditors deleted; partial relief on unsecured loans and land vacation, development expenses allowed

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT upheld the order of the ld. CIT(A) in material respects. Additions u/s 68 on account of sundry creditors were rejected, as identity, creditworthiness and genuineness were established through confirmations and statements, and the AO had proceeded merely on suspicion without summoning most creditors. In respect of unsecured loans, ITAT confirmed the sustained addition of Rs. 18,00,000/- relating to three depositors, as the assessee did not press her appeal; deletions for the remaining amounts were upheld. For expenses incurred in vacating encroachers, ITAT affirmed the ld. CIT(A)'s partial allowance by estimating payment at Rs. 2,500 per square yard and directing recomputation of cost of acquisition. Development expenses were allowed as per ld. CIT(A), the AO's reliance on an Inspector's belated and non-technical report being rejected. Revenue's grounds were dismissed.....