https://www.taxtmi.com/caselaws?id=394485 The Tribunal allowed the Revenue's appeal in part, restoring certain issues to the AO for further verification. The addition of Rs. 2.90 crore under Section 68 was reinstated due to suspicions regarding the genuineness of transactions with specific parties. However, the addition of Rs. 12 lakhs for Director's remuneration was deleted, as supported by financial statements. The addition under Section 14A was also deleted since no exempt income was found. Regarding unaccounted receipts, the Tribunal directed verification of a reconciliation statement, limiting the addition to 5% of the difference. The Cross Objection by the assessee was dismissed due to a significant delay. en-us Thu, 30 Jan 2020 00:00:00 +0530 Tue, 14 Apr 2020 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394485 The Tribunal allowed the Revenue's appeal in part, restoring certain issues to the AO for further verification. The addition of Rs. 2.90 crore under Section 68 was reinstated due to suspicions regarding the genuineness of transactions with specific parties. However, the addition of Rs. 12 lakhs for Director's remuneration was deleted, as supported by financial statements. The addition under Section 14A was also deleted since no exempt income was found. Regarding unaccounted receipts, the Tribunal directed verification of a reconciliation statement, limiting the addition to 5% of the difference. The Cross Objection by the assessee was dismissed due to a significant delay. Case-Laws Income Tax Thu, 30 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394485