https://www.taxtmi.com/caselaws?id=176552 The Tribunal allowed the assessee's appeal partly by deleting the additions related to undisclosed sales and sham entries under Section 68, emphasizing that income assessment must rely on concrete evidence and not presumptions. The Tribunal found the AO's actions were based on guesswork and insufficient inquiries. It upheld the CIT(A)'s decision regarding the disallowance under Section 40A(3), affirming that when income is estimated, disallowance under this section is not applicable. The Revenue's appeal was dismissed, underscoring the need for evidence-based assessments and proper inquiry. en-us Fri, 15 Feb 2008 00:00:00 +0530 Wed, 17 Jan 2024 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176552 The Tribunal allowed the assessee's appeal partly by deleting the additions related to undisclosed sales and sham entries under Section 68, emphasizing that income assessment must rely on concrete evidence and not presumptions. The Tribunal found the AO's actions were based on guesswork and insufficient inquiries. It upheld the CIT(A)'s decision regarding the disallowance under Section 40A(3), affirming that when income is estimated, disallowance under this section is not applicable. The Revenue's appeal was dismissed, underscoring the need for evidence-based assessments and proper inquiry. Case-Laws Income Tax Fri, 15 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176552