Case Law Details
Case Name : LSL Tools (P) Ltd. Vs ACIT (ITAT Delhi)
Related Assessment Year : 2020-21
Courts :
All ITAT ITAT Delhi
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LSL Tools (P) Ltd. Vs ACIT (ITAT Delhi)
No 65B Certificate, No Addition – ITAT Quashes WhatsApp-Based Cash Sale Theory- Digital Gossip Isn’t Tax Evidence – ITAT Delhi Tears Down WhatsApp-Based Additions
Search u/s 132 at LSL Tools Group led AO to disallow ₹44.10 lakh salary paid to Director Smt. Priti Singla u/s 40A(2)(b) & add ₹5 lakh as notional profit on alleged unrecorded cash sales inferred from WhatsApp chats.
Tribunal noted that Priti Singla had been regularly drawing salary since AY 2017-18 & duly offered it to tax at the max
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