https://www.taxtmi.com/caselaws?id=249131 The ITAT upheld the CIT(A)'s decisions in the case, rejecting the Revenue's challenges. The rejection of books of account and deletion of addition on estimated profits, deletion of disallowance of royalty payments, and allowing the claim of carry forward and set off of business losses and unabsorbed depreciation were all upheld. The ITAT found the AO's actions unjustified and supported the CIT(A)'s acceptance of the assessee's explanations. Consequently, the Revenue's appeals for AY 2003-04 and AY 2004-05 were dismissed. en-us Tue, 24 Jun 2014 00:00:00 +0530 Fri, 04 Jul 2014 20:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249131 The ITAT upheld the CIT(A)'s decisions in the case, rejecting the Revenue's challenges. The rejection of books of account and deletion of addition on estimated profits, deletion of disallowance of royalty payments, and allowing the claim of carry forward and set off of business losses and unabsorbed depreciation were all upheld. The ITAT found the AO's actions unjustified and supported the CIT(A)'s acceptance of the assessee's explanations. Consequently, the Revenue's appeals for AY 2003-04 and AY 2004-05 were dismissed. Case-Laws Income Tax Tue, 24 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249131