https://www.taxtmi.com/caselaws?id=391495 The Tribunal allowed the assessee's appeal on all grounds. The upward adjustment under section 92C was overturned due to the inadequate consideration of comparables by the TPO. The addition for suppressed sales was also disallowed as the Tribunal found the explanation provided by the assessee satisfactory. Consequently, the charging of interest under sections 234B and 234D, as well as the initiation of penalty proceedings under section 271(l)(c), were deemed unwarranted and nullified. The decision highlights the significance of comprehensive assessments and the necessity of proper comparables in tax matters. en-us Wed, 22 Jan 2020 00:00:00 +0530 Thu, 30 Jan 2020 10:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391495 The Tribunal allowed the assessee's appeal on all grounds. The upward adjustment under section 92C was overturned due to the inadequate consideration of comparables by the TPO. The addition for suppressed sales was also disallowed as the Tribunal found the explanation provided by the assessee satisfactory. Consequently, the charging of interest under sections 234B and 234D, as well as the initiation of penalty proceedings under section 271(l)(c), were deemed unwarranted and nullified. The decision highlights the significance of comprehensive assessments and the necessity of proper comparables in tax matters. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391495