https://www.taxtmi.com/caselaws?id=291875 The Tribunal partially allowed the appeals of both the assessee and the Revenue, directing the Assessing Officer to reexamine various issues. The disallowance of expenses for telephone and vehicle was reduced to 10%. The addition on account of low household withdrawals was upheld. The additions due to undervaluation of stock of cement sheets and M.S. angle channels were also upheld. The matter of claimed shortages in the stock of iron and steel was sent back to the AO for further verification. The addition of unexplained cash credits was to be reconsidered with an opportunity for the assessee to produce evidence. The rejection of book results and addition to Gross Profit was to be freshly adjudicated. Lastly, the disallowance under Section 40A(3) of the Income Tax Act was upheld by the Tribunal. en-us Tue, 28 Jun 2011 00:00:00 +0530 Fri, 27 Nov 2020 13:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291875 The Tribunal partially allowed the appeals of both the assessee and the Revenue, directing the Assessing Officer to reexamine various issues. The disallowance of expenses for telephone and vehicle was reduced to 10%. The addition on account of low household withdrawals was upheld. The additions due to undervaluation of stock of cement sheets and M.S. angle channels were also upheld. The matter of claimed shortages in the stock of iron and steel was sent back to the AO for further verification. The addition of unexplained cash credits was to be reconsidered with an opportunity for the assessee to produce evidence. The rejection of book results and addition to Gross Profit was to be freshly adjudicated. Lastly, the disallowance under Section 40A(3) of the Income Tax Act was upheld by the Tribunal. Case-Laws Income Tax Tue, 28 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291875