Dismissing the appeal of the revenue the Tribunal held that when, no incriminating materials, addition is not justified. Tribunal also held that obsolete provision written off and provision for liquidated damages is allowable as deduction. (AY. 2000-01,2002-03 to 2006-07,2008-09 to 2010-11)
Dy. CIT v. HTL Ltd. (2021) 214 TTJ 810 / 63 CCH 502/(2022) 216 DTR 209 (Delh)(Trib.)
S. 153C : Assessment-Income of any other person-Search-No incriminating materials-Addition is not justified-Obsolete provision written off-Allowable as deduction-Provision for liquidated damages-Allowable as deduction. [S. 37(1), 143(3)]