Tax Tribunal Upholds Deletion of Unexplained Cash Additions, Allows Interest Expenditure and Professional Fees Deduction.

This is a summary of an order from the Income Tax Appellate Tribunal (ITAT) dealing with various additions and disallowances made by the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) [CIT(A)]. The key points are: Increase in share capital and unsecured loans were treated as unexplained cash credits u/s 68, but the CIT(A) deleted the additions after the assessee furnished satisfactory explanations during remand proceedings. The ITAT upheld the CIT(A)'s decision. Interest expenditure disallowance was also deleted by the CIT(A), which the ITAT did not interfere with. The ITAT directed the AO to allow service charges, valuation charges, installation charges, and computer service charges as they were payments made through banki..... .....

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