Revenue Appeal Fails Due to Wrong Assessment Year for Cash Investment

ACIT Vs Faridabad Presswell Pvt. Ltd (ITAT Delhi) Rule 27 Has Limits: Delhi ITAT Rejects Assessee’s Jurisdictional Defence but Upholds Deletion of ₹8 Crore Addition The Delhi Bench of the ITAT dismissed the Revenue’s appeal and upheld the deletion of an ₹8 crore addition for alleged unexplained cash investment in the case of Faridabad Presswell Pvt. Ltd. (AY 2015-16). The Tribunal agreed with the CIT(A) that although incriminating material in the form of excel sheets was found during search, the alleged cash payments pertained to FY 2013-14 (AY 2014-15) and not to the year under consid...