https://www.taxtmi.com/caselaws?id=343899 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of freight charges under Section 40A(3) of the Income Tax Act, emphasizing the genuine nature of the transactions and proper recording of payments. The Tribunal also affirmed the deletion of unexplained expenditure under Section 69C, as the CIT(A)'s decision was supported by a reconciliation statement and lack of objections from the AO. The Department's appeal was dismissed entirely, with the Tribunal emphasizing adherence to bona fide business practices and judicial precedents supporting such transactions. en-us Wed, 31 May 2017 00:00:00 +0530 Mon, 05 Jun 2017 07:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343899 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of freight charges under Section 40A(3) of the Income Tax Act, emphasizing the genuine nature of the transactions and proper recording of payments. The Tribunal also affirmed the deletion of unexplained expenditure under Section 69C, as the CIT(A)'s decision was supported by a reconciliation statement and lack of objections from the AO. The Department's appeal was dismissed entirely, with the Tribunal emphasizing adherence to bona fide business practices and judicial precedents supporting such transactions. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343899