https://www.taxtmi.com/caselaws?id=176903 The Tribunal upheld the CIT(A)'s decisions in a case involving issues of suppressed yield, excess labor charges, and treatment of loss on cancellation of a forward contract. The additions made by the Assessing Officer were deleted as the Tribunal found the AO's actions lacked sufficient evidence or legal basis. The loss on cancellation of the forward contract was treated as a business loss, following precedent. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions. en-us Thu, 13 Jan 2011 00:00:00 +0530 Thu, 31 Dec 2015 10:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176903 The Tribunal upheld the CIT(A)'s decisions in a case involving issues of suppressed yield, excess labor charges, and treatment of loss on cancellation of a forward contract. The additions made by the Assessing Officer were deleted as the Tribunal found the AO's actions lacked sufficient evidence or legal basis. The loss on cancellation of the forward contract was treated as a business loss, following precedent. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions. Case-Laws Income Tax Thu, 13 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176903