https://www.taxtmi.com/caselaws?id=372361 The ITAT Kolkata ruled in favor of the assessee in a case involving the disallowance of a discount on the sale of flats by the Assessing Officer. The tribunal found that the Assessing Officer's decision lacked sufficient evidence and that the assessee was denied the opportunity to cross-examine parties involved. Emphasizing the importance of cross-examination and the business's discretion on discounts, the ITAT nullified the addition of the disallowed amount, citing the case of Andaman Timber Industries. The appeal was allowed, and the disallowed amount was deleted from the assessment for the Assessment Year 2012-13. en-us Fri, 07 Dec 2018 00:00:00 +0530 Fri, 21 Dec 2018 07:08:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372361 The ITAT Kolkata ruled in favor of the assessee in a case involving the disallowance of a discount on the sale of flats by the Assessing Officer. The tribunal found that the Assessing Officer's decision lacked sufficient evidence and that the assessee was denied the opportunity to cross-examine parties involved. Emphasizing the importance of cross-examination and the business's discretion on discounts, the ITAT nullified the addition of the disallowed amount, citing the case of Andaman Timber Industries. The appeal was allowed, and the disallowed amount was deleted from the assessment for the Assessment Year 2012-13. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372361