https://www.taxtmi.com/caselaws?id=336592 The Tribunal partly allowed both appeals, providing significant relief to the assessee. It found the additions for work-in-progress and unexplained investments unjustified, directing their deletion or reduction. The Tribunal also instructed the AO to treat shuttering material expenses as revenue expenditure based on the nature of the business. Additionally, it set aside the enhancement of scrap sales value for lack of supporting evidence. The Tribunal emphasized the importance of corroborative evidence and reasonable assumptions in tax assessments. en-us Wed, 26 Oct 2016 00:00:00 +0530 Wed, 21 Dec 2016 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336592 The Tribunal partly allowed both appeals, providing significant relief to the assessee. It found the additions for work-in-progress and unexplained investments unjustified, directing their deletion or reduction. The Tribunal also instructed the AO to treat shuttering material expenses as revenue expenditure based on the nature of the business. Additionally, it set aside the enhancement of scrap sales value for lack of supporting evidence. The Tribunal emphasized the importance of corroborative evidence and reasonable assumptions in tax assessments. Case-Laws Income Tax Wed, 26 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336592