https://www.taxtmi.com/caselaws?id=62256 The ITAT Cochin ruled in favor of the assessee, a partnership firm involved in rubber sales, by deleting the addition made to its income related to the assessment of gross profit. The ITAT found no concrete evidence to support suspicions of underinvoicing or collusion, criticizing the speculative conclusions drawn by lower authorities. However, the disallowance of freight charges was upheld due to excessive payments to a sister concern, emphasizing the need for reasonableness in payment amounts. As a result, the ITAT Cochin partially allowed the appeal, deleting the gross profit assessment addition but sustaining the disallowance of freight charges. en-us Fri, 07 Apr 1995 00:00:00 +0530 Tue, 18 Jan 2011 18:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62256 The ITAT Cochin ruled in favor of the assessee, a partnership firm involved in rubber sales, by deleting the addition made to its income related to the assessment of gross profit. The ITAT found no concrete evidence to support suspicions of underinvoicing or collusion, criticizing the speculative conclusions drawn by lower authorities. However, the disallowance of freight charges was upheld due to excessive payments to a sister concern, emphasizing the need for reasonableness in payment amounts. As a result, the ITAT Cochin partially allowed the appeal, deleting the gross profit assessment addition but sustaining the disallowance of freight charges. Case-Laws Income Tax Fri, 07 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62256