https://www.taxtmi.com/caselaws?id=330104 The ITAT disagreed with the FAA's decision and referred to the Pruthvi Brokers case, allowing the appeal in part. The ITAT emphasized the importance of upholding tax laws and ensuring justice for both taxpayers and the state. The matter was directed to be reconsidered by the FAA in light of the earlier judgment, highlighting the appellate authority's discretion to entertain new claims without a revised return. The decision underscores the need for a fair adjudication process in addressing income assessment and deductions, ultimately resulting in a partial allowance of the appeal. en-us Fri, 15 Jul 2016 00:00:00 +0530 Sat, 16 Jul 2016 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330104 The ITAT disagreed with the FAA's decision and referred to the Pruthvi Brokers case, allowing the appeal in part. The ITAT emphasized the importance of upholding tax laws and ensuring justice for both taxpayers and the state. The matter was directed to be reconsidered by the FAA in light of the earlier judgment, highlighting the appellate authority's discretion to entertain new claims without a revised return. The decision underscores the need for a fair adjudication process in addressing income assessment and deductions, ultimately resulting in a partial allowance of the appeal. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330104