Income Addition Unsustainable: No Evidence for Discrepancy in Declared Wastage Sale Rate by Assessee, Says Court.

Income Addition Unsustainable: No Evidence for Discrepancy in Declared Wastage Sale Rate by Assessee, Says Court. https://www.taxtmi.com/highlights?id=48964 Addition of suppression of income from sale of wastage - assessee has considered the rate of wastage sale generated @ 0.73 per kg in the Books of accounts but has adopted rate 1.13 per kg. to buy peace by enhancing the rate by 0.40 per kg in the Return of income u/s 153A - the AO though made the specific observations but could not support with any logical and documentary evidence - addition without any cogent evidence and cannot be sustained en-us Thu, 29 Aug 2019 07:32:29 +0530 Thu, 29 Aug 2019 07:32:29 +0530 TaxTMI RSS Generator Income Addition Unsustainable: No Evidence for Discrepancy in Declared Wastage Sale Rate by Assessee, Says Court. https://www.taxtmi.com/highlights?id=48964 Addition of suppression of income from sale of wastage - assessee has considered the rate of wastage sale generated @ 0.73 per kg in the Books of accounts but has adopted rate 1.13 per kg. to buy peace by enhancing the rate by 0.40 per kg in the Return of income u/s 153A - the AO though made the specific observations but could not support with any logical and documentary evidence - addition without any cogent evidence and cannot be sustained Highlights Income Tax Thu, 29 Aug 2019 07:32:29 +0530 https://www.taxtmi.com/highlights?id=48964