https://www.taxtmi.com/caselaws?id=369200 The Tribunal allowed both appeals for statistical purposes, remanding the issues back to the Assessing Officer for fresh consideration. The AO was directed to conduct necessary verifications and provide adequate opportunity for the assessee to present evidence in support of their claims. The addition on account of low Gross Profit was deleted by the CIT(A) due to lack of flaws in stock valuation or accounts rejection by the AO. The disallowance of Staff Welfare Educational Benefit expenses was upheld by the CIT(A) as donations, not business expenses, under Section 40A(9) of the Income Tax Act. en-us Fri, 07 Sep 2018 00:00:00 +0530 Tue, 23 Oct 2018 06:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369200 The Tribunal allowed both appeals for statistical purposes, remanding the issues back to the Assessing Officer for fresh consideration. The AO was directed to conduct necessary verifications and provide adequate opportunity for the assessee to present evidence in support of their claims. The addition on account of low Gross Profit was deleted by the CIT(A) due to lack of flaws in stock valuation or accounts rejection by the AO. The disallowance of Staff Welfare Educational Benefit expenses was upheld by the CIT(A) as donations, not business expenses, under Section 40A(9) of the Income Tax Act. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369200