https://www.taxtmi.com/caselaws?id=342516 The court ruled in favor of the revenue, overturning the decisions of lower authorities, due to the assessee's failure to justify the claimed consultancy charges expenditure. The court emphasized the importance of proving claimed expenditures and the admissibility of retracted statements in assessments. The CIT (A) and ITAT's acceptance of the assessee's surrender at Rs. 50 lakhs without justification for the remaining amount was deemed incorrect. en-us Thu, 09 Mar 2017 00:00:00 +0530 Sat, 06 May 2017 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342516 The court ruled in favor of the revenue, overturning the decisions of lower authorities, due to the assessee's failure to justify the claimed consultancy charges expenditure. The court emphasized the importance of proving claimed expenditures and the admissibility of retracted statements in assessments. The CIT (A) and ITAT's acceptance of the assessee's surrender at Rs. 50 lakhs without justification for the remaining amount was deemed incorrect. Case-Laws Income Tax Thu, 09 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342516