Section 68 Addition Fails Once Identity and Source Are Proved: ITAT Delhi

ACIT Vs Westcourt Hospitality Pvt. Ltd. (ITAT Delhi) ITAT: Affirms Section 68 addition deletion as onus discharged; Consultancy expenses incurred wholly & exclusively for business purposes FACTS: The assessee, “M/s Westcourt Hospitality Pvt. Ltd.” is a private limited company incorporated on 03.03.2009 and is engaged in the business of consultancy in real estate projects. For the A-Y 2018-19, the assessee filed its return of income on 09.10.2018 declaring a loss of Rs.1,99,79,324/-. The case was selected for scrutiny assessment to verify investments/advances/loans and business loss. S...