No Evidence of Cash Payments for Demand Drafts to 34 Parties: ITAT deletes addition

ITO Vs Antriksh Infrastructure Pvt Ltd (ITAT Delhi) Introduction: In a significant ruling that impacts the interpretation of financial transactions under the Income Tax Act, the Income Tax Appellate Tribunal (ITAT) Delhi addressed the case of ITO Vs Antriksh Infrastructure Pvt Ltd. The focus of the dispute was on the deletion of additions amounting to ₹29201930/- made under Section 68 of the Act by the Commissioner of Income Tax (Appeals) [CIT(A)], which the revenue had challenged. This case delves into the complexities of assessing business transactions and advances received from customers,...