No Evidence of Cash Payments for Demand Drafts to 34 Parties: ITAT Upholds Deletion of Additions by CIT (A) u/s 68 of Income Tax Act [Read Order]
AO has made the additions on suspicion, conjecture and surmises without any evidence and the CIT (A) has deleted the impugned additions on proper appreciation of facts.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of additions made under Section 68 of the Income Tax Act, 1961 by the Commissioner of Income Tax (Appeals) (CIT(A)), citing no evidence of cash payments for demand drafts to 34 parties. Briefly fact of the case is that the assessee…
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