https://www.taxtmi.com/caselaws?id=356819 The Tribunal upheld the decisions of the Commissioner of Income-Tax (Appeals) in a case involving the disallowance of staff salaries, bonus, and accounting charges by a revenue entity. The Tribunal found the disallowance percentages set by the CIT(A) to be reasonable and fair, dismissing the revenue's appeal due to insufficient supporting documentation for higher disallowances made by the Assessing Officer. Additionally, the Tribunal upheld the CIT(A)'s directive to tax only the peak credit amount of unexplained cash deposits under section 68 of the Income Tax Act, rejecting the revenue's argument to tax all deposits without individual explanations. The revenue's appeal was dismissed in its entirety. en-us Fri, 09 Mar 2018 00:00:00 +0530 Tue, 13 Mar 2018 07:29:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356819 The Tribunal upheld the decisions of the Commissioner of Income-Tax (Appeals) in a case involving the disallowance of staff salaries, bonus, and accounting charges by a revenue entity. The Tribunal found the disallowance percentages set by the CIT(A) to be reasonable and fair, dismissing the revenue's appeal due to insufficient supporting documentation for higher disallowances made by the Assessing Officer. Additionally, the Tribunal upheld the CIT(A)'s directive to tax only the peak credit amount of unexplained cash deposits under section 68 of the Income Tax Act, rejecting the revenue's argument to tax all deposits without individual explanations. The revenue's appeal was dismissed in its entirety. Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356819