Renewal of Fixed Deposit Not Unexplained Investment: ITAT Delhi Deletes Addition

DCIT Vs Continental Construction Ltd (ITAT Delhi) The Revenue (Income Tax Department) filed an appeal against the order of the CIT(A)/NFAC, Delhi, for the Assessment Year (AY) 2018-19, challenging the deletion of an addition of ₹1,90,00,000/- made under Section 69 of the Income-tax Act. The Revenue also contested the CIT(A)’s admission of additional evidence. The assessee, Continental Construction Ltd, a limited company formed in 1962, had been one of the top construction companies in India and Gulf Countries. However, the company faced a severe financial crisis due to the Iran-Iraq a...