Tax Guru

ITAT Delhi restores ₹2.35 Cr loan addition for fresh examination – CIT(A) deleted addition based on additional evidence without giving AO proper opportunity

The ITAT Delhi set aside a CIT(A) order deleting a ₹2.35 crore addition under Section 68, ruling that the CIT(A) failed to give the AO adequate opportunity to verify the creditworthiness and ...
Tax Guru

ITAT Chennai restricts addition on cash deposits – Treats assessee as commission agent, estimates income at 4% instead of taxing entire deposits

The ITAT Chennai partly allowed the appeal of an onion commission agent, restricting the addition on ₹1.00 crore in cash deposits to an estimated 4% of the ...