ITAT deletes Section 69A and 69C addition due to insufficient evidence

ACIT Vs Prakash Ferrous Industries Private Limited (ITAT Chennai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Chennai has dismissed both the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai dated 23.03.2023 for the assessment year 2020-21. The Appeals and the Grounds The Revenue’s appeal was primarily based on the contention that the Commissioner of Income Tax (Appeals) (CIT(A)) erred in law and o...