https://www.taxtmi.com/caselaws?id=387640 The Tribunal upheld the CIT(A)'s decisions in a case involving deletion of addition on account of loss of sales of stock, allowance of depreciation despite no manufacturing activity, and deletion of disallowance of various expenses due to lack of business activity. The Tribunal dismissed all appeals of the Revenue, confirming the genuineness of the stock loss, allowing depreciation due to the temporary halt in manufacturing, and justifying the business expenses. The Tribunal emphasized the importance of concrete evidence over assumptions for the assessing officer. en-us Mon, 23 Sep 2019 00:00:00 +0530 Sat, 26 Oct 2019 11:06:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387640 The Tribunal upheld the CIT(A)'s decisions in a case involving deletion of addition on account of loss of sales of stock, allowance of depreciation despite no manufacturing activity, and deletion of disallowance of various expenses due to lack of business activity. The Tribunal dismissed all appeals of the Revenue, confirming the genuineness of the stock loss, allowing depreciation due to the temporary halt in manufacturing, and justifying the business expenses. The Tribunal emphasized the importance of concrete evidence over assumptions for the assessing officer. Case-Laws Income Tax Mon, 23 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387640