https://www.taxtmi.com/caselaws?id=265716 The ITAT Ahmedabad allowed the assessee's appeal regarding the disallowance of the claim of shortage/loss of material as bad debt for AY 2006-07, citing lack of evidence linking seized documents to the business activity. Consequently, the penalty was not upheld as the addition was deleted. However, the ITAT upheld the penalty imposed on the unexplained cash deposits, as the AO explicitly found the assessee guilty of both concealing income and furnishing inaccurate particulars. The ITAT dismissed both parties' appeals, maintaining the lower authorities' orders. en-us Fri, 27 Jun 2014 00:00:00 +0530 Thu, 15 Oct 2015 06:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265716 The ITAT Ahmedabad allowed the assessee's appeal regarding the disallowance of the claim of shortage/loss of material as bad debt for AY 2006-07, citing lack of evidence linking seized documents to the business activity. Consequently, the penalty was not upheld as the addition was deleted. However, the ITAT upheld the penalty imposed on the unexplained cash deposits, as the AO explicitly found the assessee guilty of both concealing income and furnishing inaccurate particulars. The ITAT dismissed both parties' appeals, maintaining the lower authorities' orders. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265716