https://www.taxtmi.com/caselaws?id=64710 The Tribunal upheld the CIT(A)'s decision to sustain the addition of Rs. 50,000 in the case involving discrepancies in recorded sales of furnace oil by a ship dismantling company. Ship-breaking activity was classified as an industrial undertaking eligible for deductions under ss. 80HH and 80-I, following the Bombay High Court's ruling. The Tribunal remanded the issue of interest disallowance of Rs. 23,02,796 under s. 40(a)(i) for fresh consideration. Additionally, the Tribunal dismissed the Revenue's appeals on the reduction of unaccounted sales and disallowance of expenditure, maintaining consistency with previous assessments. en-us Wed, 27 Oct 2004 00:00:00 +0530 Mon, 09 Jul 2012 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64710 The Tribunal upheld the CIT(A)'s decision to sustain the addition of Rs. 50,000 in the case involving discrepancies in recorded sales of furnace oil by a ship dismantling company. Ship-breaking activity was classified as an industrial undertaking eligible for deductions under ss. 80HH and 80-I, following the Bombay High Court's ruling. The Tribunal remanded the issue of interest disallowance of Rs. 23,02,796 under s. 40(a)(i) for fresh consideration. Additionally, the Tribunal dismissed the Revenue's appeals on the reduction of unaccounted sales and disallowance of expenditure, maintaining consistency with previous assessments. Case-Laws Income Tax Wed, 27 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64710