https://www.taxtmi.com/caselaws?id=284317 The ITAT upheld the FAA's decisions in a tax case. The AO's addition of suppressed sales was deemed unsubstantiated, as no evidence of sales suppression was found in the assessee's maintained accounts. Regarding the disallowance under section 40A(2)(b) of the IT Act, the ITAT ruled against the AO, finding the disallowance lacked supporting evidence and was based on presumptions. The ITAT emphasized the need for proper justification and consideration of average prices. Ultimately, the ITAT dismissed the AO's appeal, affirming the FAA's decisions on both issues. en-us Wed, 24 Dec 2014 00:00:00 +0530 Tue, 12 Nov 2019 06:34:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284317 The ITAT upheld the FAA's decisions in a tax case. The AO's addition of suppressed sales was deemed unsubstantiated, as no evidence of sales suppression was found in the assessee's maintained accounts. Regarding the disallowance under section 40A(2)(b) of the IT Act, the ITAT ruled against the AO, finding the disallowance lacked supporting evidence and was based on presumptions. The ITAT emphasized the need for proper justification and consideration of average prices. Ultimately, the ITAT dismissed the AO's appeal, affirming the FAA's decisions on both issues. Case-Laws Income Tax Wed, 24 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284317