https://www.taxtmi.com/caselaws?id=337304 The ITAT directed the AO to reconsider the disallowance of ground No. 1(a) under Sec. 50C, emphasizing the appellant's past assessments and the Supreme Court's stance on finality in judgments. The ITAT allowed the appeal for statistical purposes regarding the disallowance of ground No. 1(b), highlighting the importance of considering the appellant's business nature in determining losses. Additionally, the ITAT upheld the disallowance of ground No. 1(c) due to the appellant's failure to provide essential evidence, despite acknowledging the offer to produce relevant financial records. en-us Wed, 28 Dec 2016 00:00:00 +0530 Fri, 06 Jan 2017 13:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337304 The ITAT directed the AO to reconsider the disallowance of ground No. 1(a) under Sec. 50C, emphasizing the appellant's past assessments and the Supreme Court's stance on finality in judgments. The ITAT allowed the appeal for statistical purposes regarding the disallowance of ground No. 1(b), highlighting the importance of considering the appellant's business nature in determining losses. Additionally, the ITAT upheld the disallowance of ground No. 1(c) due to the appellant's failure to provide essential evidence, despite acknowledging the offer to produce relevant financial records. Case-Laws Income Tax Wed, 28 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337304