https://www.taxtmi.com/caselaws?id=346119 The Tribunal allowed the appeal filed by the Revenue, holding that the delay in filing the appeal was condoned due to valid reasons. The admission of additional evidence by the CIT(A) under Rule 46A was rejected, and the Tribunal emphasized that assessments should be based on materials available to the AO. The Tribunal upheld the additions made by the AO concerning share capital and unsecured loans under section 68 of the Income Tax Act, as the assessee failed to provide evidence supporting the transactions. Additionally, the disallowance of expenses was justified due to the assessee's non-compliance. The Tribunal restored the AO's order, sustaining all additions and disallowances. en-us Thu, 13 Apr 2017 00:00:00 +0530 Fri, 04 Aug 2017 07:07:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346119 The Tribunal allowed the appeal filed by the Revenue, holding that the delay in filing the appeal was condoned due to valid reasons. The admission of additional evidence by the CIT(A) under Rule 46A was rejected, and the Tribunal emphasized that assessments should be based on materials available to the AO. The Tribunal upheld the additions made by the AO concerning share capital and unsecured loans under section 68 of the Income Tax Act, as the assessee failed to provide evidence supporting the transactions. Additionally, the disallowance of expenses was justified due to the assessee's non-compliance. The Tribunal restored the AO's order, sustaining all additions and disallowances. Case-Laws Income Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346119