Section 68 Addition Deleted – Source of Source Not Required for AY 2014-15: ITAT Delhi

Singla Realters Ltd Vs ITO (ITAT Delhi) Unsecured loan additions u/s 68 deleted – Source of source not required for A.Y. 2014-15; expenses restricted to 20% disallowance – ITAT Delhi In Singla Realters Ltd vs ITO (A.Y. 2014-15), the AO made multiple additions including disallowance of construction material & travelling expenses and addition of ₹1.69 crore u/s 68 towards unsecured loans. The Tribunal held that since complete supporting details were not furnished for certain expenses, an ad-hoc disallowance of 20% of unsubstantiated building material and travelling expenses was reasona...