ITAT Delhi curtails tax addition in Omaxe case and affirms safe‑harbour for International Oncology Services

The Income Tax Appellate Tribunal (ITAT) in Delhi ruled that the assessing officer could not multiply a seized amount of Rs 14,800 by 100 to arrive at Rs 14.80 lakh without corroborative evidence in the case of assessee Parul Suyal, related to the Omaxe Group search. The tribunal limited the addition under Section 69 of the Income Tax Act to the actual Rs 14,800 cited in the seized Excel file.

In a separate decision, the ITAT dismissed a Section 56(2)(viib) addition against International Oncology Services Private Limited, finding that the difference between the issue price of its equity shares and the valuation fell within the 10% safe‑harbour provision introduced by CBDT Notification 81/2023. Consequently, the tribunal also deleted the disallowance of ₹15.5 million claimed as legal and professional expenses, allowing the appeal in full.