Verification, Not Estimation – ITAT Delhi Corrects AO’s Approach on Creditors & Expenses

Shelender Kumar Jain Vs ACIT (ITAT Delhi) Verification, Not Estimation – ITAT Delhi Corrects AO’s Approach on Creditors & Expenses-Tribunal Says No to Adhoc Additions: Relief Granted in Newspaper Business Assessment Assessee, proprietor of M/s Amar Bharti & Rashtriya Besahara Jan (Hindi daily newspaper), appealed against order of CIT(A)-38, New Delhi confirming various disallowances made in assessment framed u/s 143(3)/263. AO had disallowed Rs.34,20,000/- on account of sundry creditors, alleging that certain payments were in cash & not reflected in bank accounts, thereby invok...