VAT Addition Deleted as Section 43B Held Inapplicable: ITAT Delhi

Advertisement SLO Automobiles Private Limited Vs DCIT (ITAT Delhi) VAT Liability Is Not Income — ITAT Deletes ₹1.24 Cr Addition Treated as Trading Receipt The Delhi Bench of the Income Tax Appellate Tribunal allowed the assessee’s appeal and deleted the addition of ₹1,24,22,756 made on account of VAT liability, which had been wrongly treated as trading receipts. The case arose after a survey by the Commercial Tax Department revealed suppressed sales and corresponding VAT liability. Although the assessee voluntarily disclosed the omitted sales and filed revised returns, the Assessing...