https://www.taxtmi.com/caselaws?id=399635 The Tribunal upheld the Pr. CIT's order, finding the AO's assessment erroneous due to insufficient enquiry into property usage for depreciation claims and lack of investigation into ownership and business use of the scooter. The inclusion of interest on FDRs in business income was also disputed, emphasizing the need for proper verification. The Tribunal supported the Pr. CIT's direction to initiate penalty proceedings for ad-hoc disallowances of expenses, citing the AO's failure to identify inadmissible expenses. The appeal was dismissed, with the AO instructed to conduct thorough investigations and provide the assessee with a fair opportunity. en-us Mon, 12 Oct 2020 00:00:00 +0530 Thu, 15 Oct 2020 14:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399635 The Tribunal upheld the Pr. CIT's order, finding the AO's assessment erroneous due to insufficient enquiry into property usage for depreciation claims and lack of investigation into ownership and business use of the scooter. The inclusion of interest on FDRs in business income was also disputed, emphasizing the need for proper verification. The Tribunal supported the Pr. CIT's direction to initiate penalty proceedings for ad-hoc disallowances of expenses, citing the AO's failure to identify inadmissible expenses. The appeal was dismissed, with the AO instructed to conduct thorough investigations and provide the assessee with a fair opportunity. Case-Laws Income Tax Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399635