https://www.taxtmi.com/caselaws?id=177110 The ITAT partly allowed the assessee's appeals, directing the Assessing Officer to reconsider the addition of unexplained unsecured loans under section 68, emphasizing the need for natural justice. The ITAT also adjusted the gross profit rate applied by the Assessing Officer, considering the circumstances and lack of produced books of accounts. However, the disallowance of depreciation on computers was upheld due to insufficient evidence supporting the claim. The decision highlighted the significance of providing proper evidence and adhering to due process in tax assessments. en-us Thu, 16 Dec 2010 00:00:00 +0530 Wed, 18 May 2016 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177110 The ITAT partly allowed the assessee's appeals, directing the Assessing Officer to reconsider the addition of unexplained unsecured loans under section 68, emphasizing the need for natural justice. The ITAT also adjusted the gross profit rate applied by the Assessing Officer, considering the circumstances and lack of produced books of accounts. However, the disallowance of depreciation on computers was upheld due to insufficient evidence supporting the claim. The decision highlighted the significance of providing proper evidence and adhering to due process in tax assessments. Case-Laws Income Tax Thu, 16 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177110