https://www.taxtmi.com/caselaws?id=170800 The Tribunal set aside the CIT(A)'s decision upholding the Assessing Officer's treatment of purchases as unexplained expenditure and outstanding credit balances as ceased liabilities. The Tribunal found lack of thorough examination and inquiry by the revenue authorities, noting that payments were reflected in bank statements and questioning the A.O.'s conclusion of non-existent sellers. The matter was remanded back to the CIT(A) for fresh examination, and the appeal was allowed for statistical purposes. en-us Wed, 29 Aug 2012 00:00:00 +0530 Tue, 16 Jun 2015 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170800 The Tribunal set aside the CIT(A)'s decision upholding the Assessing Officer's treatment of purchases as unexplained expenditure and outstanding credit balances as ceased liabilities. The Tribunal found lack of thorough examination and inquiry by the revenue authorities, noting that payments were reflected in bank statements and questioning the A.O.'s conclusion of non-existent sellers. The matter was remanded back to the CIT(A) for fresh examination, and the appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 29 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170800