https://www.taxtmi.com/caselaws?id=348594 The ITAT upheld the CIT(A)'s decision on the liquidated damages deduction, allowing it based on the negotiation process and past practices. The ITAT remitted the disallowance of interest on unsecured loans back to the AO for proper adjudication. The deletion of estimated suppressed sales was confirmed due to procedural errors by the AO. The matter of bill discounting charges was remanded for fresh adjudication with additional evidence admitted. The disallowance of car-related expenses was sustained, citing related party transactions. The ITAT partially allowed appeals and cross objections, addressing various deduction and addition issues comprehensively. en-us Fri, 22 Sep 2017 00:00:00 +0530 Sat, 23 Sep 2017 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348594 The ITAT upheld the CIT(A)'s decision on the liquidated damages deduction, allowing it based on the negotiation process and past practices. The ITAT remitted the disallowance of interest on unsecured loans back to the AO for proper adjudication. The deletion of estimated suppressed sales was confirmed due to procedural errors by the AO. The matter of bill discounting charges was remanded for fresh adjudication with additional evidence admitted. The disallowance of car-related expenses was sustained, citing related party transactions. The ITAT partially allowed appeals and cross objections, addressing various deduction and addition issues comprehensively. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348594