https://www.taxtmi.com/caselaws?id=376361 The Deputy Commissioner of Income Tax appealed the disallowance of sales return by the Assessing Officer (AO), amounting to Rs. 6,11,59,512, on the grounds of bogus sales return. The Commissioner of Income Tax (Appeals) ruled in favor of the appellant, citing evidence of returned goods and proper documentation. Additionally, the AO's addition of sales tax on sales return was allowed as a business loss by the CIT(A). The deletion of foreign exchange loss by the CIT(A) was upheld based on a Supreme Court decision. The Tribunal dismissed the revenue's appeal, affirming the decisions made on the specific issues. en-us Thu, 28 Feb 2019 00:00:00 +0530 Thu, 07 Mar 2019 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376361 The Deputy Commissioner of Income Tax appealed the disallowance of sales return by the Assessing Officer (AO), amounting to Rs. 6,11,59,512, on the grounds of bogus sales return. The Commissioner of Income Tax (Appeals) ruled in favor of the appellant, citing evidence of returned goods and proper documentation. Additionally, the AO's addition of sales tax on sales return was allowed as a business loss by the CIT(A). The deletion of foreign exchange loss by the CIT(A) was upheld based on a Supreme Court decision. The Tribunal dismissed the revenue's appeal, affirming the decisions made on the specific issues. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376361