https://www.taxtmi.com/caselaws?id=370596 The Appellate Tribunal ITAT Ahmedabad ruled in favor of the assessee in an appeal against the Commissioner of Income Tax (Appeals) for the assessment year 2010-11. The Tribunal deleted the addition of Rs. 21,62,282 under section 68 of the Income Tax Act, emphasizing the importance of cross-examination and tangible evidence. Additionally, the Tribunal allowed the claim for transaction charges of Rs. 24,67,435, considering them as ordinary business expenditure. The decision underscores the necessity of providing evidence and adhering to natural justice principles in tax assessments, leading to a favorable outcome for the assessee. en-us Wed, 14 Nov 2018 00:00:00 +0530 Tue, 20 Nov 2018 07:48:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370596 The Appellate Tribunal ITAT Ahmedabad ruled in favor of the assessee in an appeal against the Commissioner of Income Tax (Appeals) for the assessment year 2010-11. The Tribunal deleted the addition of Rs. 21,62,282 under section 68 of the Income Tax Act, emphasizing the importance of cross-examination and tangible evidence. Additionally, the Tribunal allowed the claim for transaction charges of Rs. 24,67,435, considering them as ordinary business expenditure. The decision underscores the necessity of providing evidence and adhering to natural justice principles in tax assessments, leading to a favorable outcome for the assessee. Case-Laws Income Tax Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370596