https://www.taxtmi.com/caselaws?id=369325 The Tribunal dismissed the Revenue's appeal challenging the addition on account of scrap sale due to the tax effect being less than Rs. 20 lakhs as per a CBDT circular. The assessee's appeal regarding unaccounted scrap sale was partially allowed, limiting the addition to Rs. 8,08,420. The Tribunal upheld the estimation based on seized documents. Regarding disallowance under Section 14A, the Tribunal ruled out interest disallowance due to surplus funds but upheld indirect expenses disallowance. The Tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal on October 22, 2018. en-us Mon, 22 Oct 2018 00:00:00 +0530 Thu, 25 Oct 2018 08:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369325 The Tribunal dismissed the Revenue's appeal challenging the addition on account of scrap sale due to the tax effect being less than Rs. 20 lakhs as per a CBDT circular. The assessee's appeal regarding unaccounted scrap sale was partially allowed, limiting the addition to Rs. 8,08,420. The Tribunal upheld the estimation based on seized documents. Regarding disallowance under Section 14A, the Tribunal ruled out interest disallowance due to surplus funds but upheld indirect expenses disallowance. The Tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal on October 22, 2018. Case-Laws Income Tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369325