https://www.taxtmi.com/caselaws?id=325452 The ITAT upheld the CIT(A)'s decisions in favor of the assessee in most issues, including the deletion of additions for unexplained unsecured loans, sundry creditors, partners' salary, and various expenses claimed. However, the ITAT reversed the CIT(A)'s decision on the addition under section 40A(3) of the Income Tax Act, upholding the Assessing Officer's disallowance due to lack of evidence. The ITAT also partly allowed the Revenue's appeal on the addition under the head of damage and storage expenses, reducing the disallowance amount. en-us Wed, 03 Feb 2016 00:00:00 +0530 Sat, 19 Mar 2016 08:56:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325452 The ITAT upheld the CIT(A)'s decisions in favor of the assessee in most issues, including the deletion of additions for unexplained unsecured loans, sundry creditors, partners' salary, and various expenses claimed. However, the ITAT reversed the CIT(A)'s decision on the addition under section 40A(3) of the Income Tax Act, upholding the Assessing Officer's disallowance due to lack of evidence. The ITAT also partly allowed the Revenue's appeal on the addition under the head of damage and storage expenses, reducing the disallowance amount. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325452