ITAT direct release of seized cash & Criticizes AO & CCIT for frivolous appeal

DCIT Vs Eldeco Infrastructure & Properties Ltd (ITAT Delhi) In the case of DCIT vs Eldeco Infrastructure & Properties Ltd, the dispute revolved around the addition of Rs 89,00,000/- as income by the Assessing Officer (AO), which was based on cash seized by the Central Bureau of Investigation (CBI) from the company’s locker room. The Income Tax Appellate Tribunal (ITAT) Delhi heard the appeal filed by the Revenue against the order of the Commissioner of Income-tax (Appeals) (CIT(A)), Kanpur-4, which had deleted this addition. Eldeco Infrastructure & Properties Ltd (EIPL) is en...