ITAT Deletes Section 69 Addition for YEIDA Payments Explained Through NBFC Funding

ITO Vs Anova Infracon Pvt. Ltd. (ITAT Delhi) In this case, the Revenue challenged the deletion of additions made under Section 69 of the Income Tax Act, 1961 for Assessment Years (AYs) 2011-12 and 2012-13. The additions arose from payments made to Yamuna Expressway Industrial Development Authority (YEIDA) for acquisition of TS-03 land, which were discovered during a search conducted in the Karan Luthra Group cases. For AY 2011-12, an addition of ₹10.10 crore was made. The assessment was completed ex parte under Section 144 because the assessee did not respond to notices issued by the departm...