Renewal of Old Fixed Deposits Is Not Unexplained Investment: ITAT Delhi Upholds Deletion of Section 69 Addition

DCIT Vs Continental Construction Limited (ITAT Delhi) The Delhi ‘B’ Bench of the Income Tax Appellate Tribunal, Delhi Bench dismissed the Revenue’s appeal for AY 2017-18 in the case of Continental Construction Limited, affirming the deletion of addition made under section 69 on account of alleged unexplained investments. The AO had completed the reassessment ex-parte under sections 147/144 after noticing, from Form 26AS, interest income and time deposits aggregating ₹5.55 crore, and treated the same as unexplained investments. The CIT(A), however, found on record that there was no fres...