https://www.taxtmi.com/caselaws?id=333862 The Tribunal partly allowed the appeals of both assessees, leading to significant deletions of additions made by the Assessing Officer. The Tribunal found the AO's estimations arbitrary and unsupported by evidence, setting aside lower authorities' orders and deleting additions related to interest on money lending, income from agriculture, undisclosed loan income, investment in chits, sale of jewellery, and cost of construction. The decisions emphasized the importance of reasonable and substantiated assessments by tax authorities. en-us Thu, 01 Sep 2016 00:00:00 +0530 Wed, 26 Oct 2016 09:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333862 The Tribunal partly allowed the appeals of both assessees, leading to significant deletions of additions made by the Assessing Officer. The Tribunal found the AO's estimations arbitrary and unsupported by evidence, setting aside lower authorities' orders and deleting additions related to interest on money lending, income from agriculture, undisclosed loan income, investment in chits, sale of jewellery, and cost of construction. The decisions emphasized the importance of reasonable and substantiated assessments by tax authorities. Case-Laws Income Tax Thu, 01 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333862