https://www.taxtmi.com/caselaws?id=271192 The Tribunal upheld the CIT(A)'s decision to delete the application under Section 145 of the Income Tax Act and the disallowance of a loss of Rs. 84,40,567/-. It found that the Assessing Officer did not provide sufficient reasons for rejecting the books of accounts and disallowing the claimed loss. The Tribunal emphasized that there is no legal restriction against selling goods below manufacturing cost and that the AO must consider specific aspects before rejecting accounts. The Tribunal also noted that the CIT(A) did not admit any fresh evidence except a comparative chart of expenses, and the Revenue's grounds were vague. en-us Fri, 04 Dec 2015 00:00:00 +0530 Fri, 29 Jan 2016 01:04:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271192 The Tribunal upheld the CIT(A)'s decision to delete the application under Section 145 of the Income Tax Act and the disallowance of a loss of Rs. 84,40,567/-. It found that the Assessing Officer did not provide sufficient reasons for rejecting the books of accounts and disallowing the claimed loss. The Tribunal emphasized that there is no legal restriction against selling goods below manufacturing cost and that the AO must consider specific aspects before rejecting accounts. The Tribunal also noted that the CIT(A) did not admit any fresh evidence except a comparative chart of expenses, and the Revenue's grounds were vague. Case-Laws Income Tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271192