https://www.taxtmi.com/caselaws?id=360591 The Tribunal remitted the issues of addition of unsecured creditors, disallowance of purchase of materials, and disallowance of contract expenses back to the Assessing Officer for further verification. The Tribunal reduced the disallowance of contract expenses from 2% to 1% based on audited books and trade practices. Additionally, the Tribunal instructed the Assessing Officer to re-examine the addition of a specific amount for steel purchase supported by bank statements. The Tribunal partly allowed the overall appeal against the CIT(A) order, stressing the importance of providing proper documentation for assessments and appeals. The case was sent back for a fair and thorough assessment process. en-us Thu, 17 May 2018 00:00:00 +0530 Sat, 19 May 2018 13:50:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360591 The Tribunal remitted the issues of addition of unsecured creditors, disallowance of purchase of materials, and disallowance of contract expenses back to the Assessing Officer for further verification. The Tribunal reduced the disallowance of contract expenses from 2% to 1% based on audited books and trade practices. Additionally, the Tribunal instructed the Assessing Officer to re-examine the addition of a specific amount for steel purchase supported by bank statements. The Tribunal partly allowed the overall appeal against the CIT(A) order, stressing the importance of providing proper documentation for assessments and appeals. The case was sent back for a fair and thorough assessment process. Case-Laws Income Tax Thu, 17 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360591