ITAT Grants 50% Telescoping Relief as Earlier On-Money Income Was Accepted

Shalimar Corp Ltd Vs DCIT (ITAT Delhi) Cash Deposit Addition Partly Deleted Because Prior On-Money Receipts Explained Source; No Separate Section 68 Addition Because Advances and Loans Formed Part of Business Turnover; Section 115BBE Inapplicable Because Transactions Occurred Before 1 April 2017; ₹40 Crore Addition Deleted Because Identity, Genuineness and Creditworthiness Were Established. The case involved cross appeals filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017-18. The assessee, engaged in the real estate de...