https://www.taxtmi.com/caselaws?id=283019 The Tribunal partially allowed the appeal, granting significant relief to the assessee. It deleted the disallowance of Rs. 7,87,193/- on commission paid to retailers, deeming it excessive and unreasonable. The disallowance under Section 40A(3) was also removed, as the transactions were genuine and not intended for tax evasion. However, the addition of Rs. 1,74,426/- for suppression of turnover was upheld due to the assessee's failure to reconcile purchase figures. The interest charged under Section 234B was deemed consequential and not detailed. The Tribunal emphasized the need for further inquiries by the AO. en-us Wed, 12 Dec 2018 00:00:00 +0530 Thu, 14 Nov 2024 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283019 The Tribunal partially allowed the appeal, granting significant relief to the assessee. It deleted the disallowance of Rs. 7,87,193/- on commission paid to retailers, deeming it excessive and unreasonable. The disallowance under Section 40A(3) was also removed, as the transactions were genuine and not intended for tax evasion. However, the addition of Rs. 1,74,426/- for suppression of turnover was upheld due to the assessee's failure to reconcile purchase figures. The interest charged under Section 234B was deemed consequential and not detailed. The Tribunal emphasized the need for further inquiries by the AO. Case-Laws Income Tax Wed, 12 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283019