https://www.taxtmi.com/caselaws?id=290710 The appeal for the assessment year 2006-07 was dismissed as the Tribunal upheld the CIT(A)'s decision to allow relief on disallowance of expenses and cancellation of penalty due to lack of substantiation. The penalty imposed on ad hoc disallowances was deemed unjustified without concrete evidence of concealment. In the appeal for 2010-2011, the matter was remanded to the CIT(A) for a fresh decision on the rejection of books of account and examination of expenses claimed by the assessee, emphasizing the need for a thorough assessment based on evidence. The appeal for 2010-2011 was allowed for statistical purposes, while the penalty appeal was dismissed. en-us Mon, 10 Nov 2014 00:00:00 +0530 Tue, 13 Oct 2020 11:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290710 The appeal for the assessment year 2006-07 was dismissed as the Tribunal upheld the CIT(A)'s decision to allow relief on disallowance of expenses and cancellation of penalty due to lack of substantiation. The penalty imposed on ad hoc disallowances was deemed unjustified without concrete evidence of concealment. In the appeal for 2010-2011, the matter was remanded to the CIT(A) for a fresh decision on the rejection of books of account and examination of expenses claimed by the assessee, emphasizing the need for a thorough assessment based on evidence. The appeal for 2010-2011 was allowed for statistical purposes, while the penalty appeal was dismissed. Case-Laws Income Tax Mon, 10 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290710