https://www.taxtmi.com/caselaws?id=350106 The Tribunal upheld the decisions of the CIT (A) in a tax case involving a wholesale business. The Tribunal dismissed the revenue's appeal, agreeing with the CIT (A) that the Assessing Officer's disallowances and additions lacked concrete evidence. The Tribunal emphasized the importance of substantiated claims and rejected the AO's reliance on assumptions. The CIT (A) had deleted disallowances related to carriage inward charges, understatement of cash sales, and low gross profit on TMT Bars, highlighting the need for factual support in tax assessments. en-us Wed, 25 Oct 2017 00:00:00 +0530 Tue, 31 Oct 2017 14:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350106 The Tribunal upheld the decisions of the CIT (A) in a tax case involving a wholesale business. The Tribunal dismissed the revenue's appeal, agreeing with the CIT (A) that the Assessing Officer's disallowances and additions lacked concrete evidence. The Tribunal emphasized the importance of substantiated claims and rejected the AO's reliance on assumptions. The CIT (A) had deleted disallowances related to carriage inward charges, understatement of cash sales, and low gross profit on TMT Bars, highlighting the need for factual support in tax assessments. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350106