ITAT Upholds Deletion of Search Additions on Consultancy, Cash Sales & Section 69C Claims

DCIT Vs Polycab India Limited (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, decided a batch of Revenue appeals and corresponding cross objections filed by the assessee arising from a consolidated order of the Commissioner of Income Tax (Appeals) for Assessment Years 2015-16 to 2023-24. Since all years arose from a common search conducted on 23.12.2023 and involved substantially similar facts and issues, the Tribunal heard them together and treated Assessment Year 2016-17 as the lead year. The search resulted in multiple additions by the Assessing Officer (AO), principally rel...