https://www.taxtmi.com/caselaws?id=370716 The Court dismissed the Revenue's appeal under Section 260A of the Income Tax Act, 1961, regarding the addition of unconfirmed trade creditors and expenses for Assessment Year 2010-11. The Tribunal affirmed the Commissioner's decision to reduce the addition from Rs. 3,17,12,394 to Rs. 28,65,804, deleting Rs. 2,88,46,590. The Court upheld the findings emphasizing continuous transactions with certain parties and the genuineness of expenditures, rejecting the Revenue's argument of lack of opportunity for the Assessing Officer to counter, due to verification in the subsequent year. The appeal was dismissed, and no costs were awarded. en-us Mon, 29 Oct 2018 00:00:00 +0530 Thu, 22 Nov 2018 07:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370716 The Court dismissed the Revenue's appeal under Section 260A of the Income Tax Act, 1961, regarding the addition of unconfirmed trade creditors and expenses for Assessment Year 2010-11. The Tribunal affirmed the Commissioner's decision to reduce the addition from Rs. 3,17,12,394 to Rs. 28,65,804, deleting Rs. 2,88,46,590. The Court upheld the findings emphasizing continuous transactions with certain parties and the genuineness of expenditures, rejecting the Revenue's argument of lack of opportunity for the Assessing Officer to counter, due to verification in the subsequent year. The appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370716