Additions under Section 69C Unsustainable When Source of Expense Is Explained

Advertisement Sterling Holiday Resorts Limited Vs DCIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) dealt with cross appeals filed by the assessee and the revenue against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 28.12.2023 for Assessment Year 2017-18. The assessee, engaged in providing timeshare services, declared a loss of ₹21.61 crore. The Assessing Officer (AO) made multiple additions and disallowances, some of which were partly confirmed by the CIT(A). Both sides appealed. Issues Raised by the Assessee Addition of ₹3.89 cror...