https://www.taxtmi.com/caselaws?id=238067 The Tribunal dismissed the appeal due to the assessee's non-appearance during the hearing, citing lack of interest. However, the assessee can provide a valid reason for non-appearance for possible reconsideration. Regarding the interpretation of Section 92C(2) of the Income Tax Act, the Tribunal clarified that the -5% relief is a tolerance range, not a standard deduction, applicable only within specified conditions. Consequently, the Tribunal ruled in favor of the Revenue, setting aside the CIT(A)'s order and dismissing the assessee's appeal while allowing the Revenue's appeal. en-us Wed, 10 Jul 2013 00:00:00 +0530 Tue, 15 Oct 2013 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238067 The Tribunal dismissed the appeal due to the assessee's non-appearance during the hearing, citing lack of interest. However, the assessee can provide a valid reason for non-appearance for possible reconsideration. Regarding the interpretation of Section 92C(2) of the Income Tax Act, the Tribunal clarified that the -5% relief is a tolerance range, not a standard deduction, applicable only within specified conditions. Consequently, the Tribunal ruled in favor of the Revenue, setting aside the CIT(A)'s order and dismissing the assessee's appeal while allowing the Revenue's appeal. Case-Laws Income Tax Wed, 10 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238067