https://www.taxtmi.com/caselaws?id=285464 The ITAT partially confirmed additions under sections 68 and 40A(3) of the IT Act, 1961, relating to unproved creditors and disallowances. The tribunal upheld the reduction in additions granted by the ld.CIT(A) for unproved credits and low gross profit, emphasizing insufficient evidence provided by the assessee. However, the ITAT set aside the deletion of disallowance under section 40A(3) by the ld.CIT(A) for fresh examination, dismissing the assessee's appeal and allowing the revenue's appeal for statistical purposes. The ITAT also rejected the assessee's challenge regarding the reopening of assessment and approval details due to lack of substantiating evidence. en-us Fri, 21 Jun 2019 00:00:00 +0530 Mon, 13 Jan 2020 18:41:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285464 The ITAT partially confirmed additions under sections 68 and 40A(3) of the IT Act, 1961, relating to unproved creditors and disallowances. The tribunal upheld the reduction in additions granted by the ld.CIT(A) for unproved credits and low gross profit, emphasizing insufficient evidence provided by the assessee. However, the ITAT set aside the deletion of disallowance under section 40A(3) by the ld.CIT(A) for fresh examination, dismissing the assessee's appeal and allowing the revenue's appeal for statistical purposes. The ITAT also rejected the assessee's challenge regarding the reopening of assessment and approval details due to lack of substantiating evidence. Case-Laws Income Tax Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285464