Remand Report Accepting Assessee’s Explanation Bars Additions: ITAT Delhi

Advertisement DCIT Vs Advant IT Park Pvt. Ltd. (ITAT Delhi) The Delhi ITAT dismissed the Revenue’s appeal against the order of the CIT(A) deleting additions made in the assessment completed under Section 143(3) for AY 2022-23. The dispute related to three additions: notional interest on interest-free advances to a wholly owned subsidiary, ad-hoc disallowance of business expenditure, and addition of trade payables under Section 68. The Assessing Officer had added ₹6.16 crore as deemed interest on an interest-free advance of ₹51.35 crore to the assessee’s wholly owned subsidia...