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Revenue Cannot Question Commercial Decision to Raise Funds Without Evidence: ITAT Delhi
Case Law Details
- Case Name
- Palco Tex Feb Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Palco Tex Feb Limited Vs ITO (ITAT Delhi)
ITAT Deletes Section 68 Addition Because Assessee Proved Identity, Creditworthiness and Genuineness; Section 68 Addition Removed Because Revenue Relied on Suspicion Instead of Evidence; Rental Income Taxed as House Property Because Factory Was No Longer Operational; Business Loss Claim Sent Back for Verification Because Operations Had Already Ceased.
The assessee appealed before the Income Tax Appellate Tribunal (ITAT), Delhi, against the order of the Commissioner of Income Tax (Appeals) for Assessment Year (AY) 2017-18 arising from an...
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