https://www.taxtmi.com/caselaws?id=346597 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to estimate the income at Rs. 13,300 per acre for the water spread area, excluding the bund area, based on a CBDT circular. Additionally, the Tribunal affirmed the deletion of additions made under Section 40A(3) of the Income Tax Act, stating that once income is estimated, further disallowances under this section are unwarranted. The Tribunal found the Assessing Officer's lack of evidence to support the higher income estimation and the application of Section 40A(3) disallowances. As a result, the revenue's appeals were dismissed. en-us Wed, 26 Jul 2017 00:00:00 +0530 Sat, 19 Aug 2017 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346597 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to estimate the income at Rs. 13,300 per acre for the water spread area, excluding the bund area, based on a CBDT circular. Additionally, the Tribunal affirmed the deletion of additions made under Section 40A(3) of the Income Tax Act, stating that once income is estimated, further disallowances under this section are unwarranted. The Tribunal found the Assessing Officer's lack of evidence to support the higher income estimation and the application of Section 40A(3) disallowances. As a result, the revenue's appeals were dismissed. Case-Laws Income Tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346597