https://www.taxtmi.com/caselaws?id=292946 The Tribunal allowed the appeal in favor of the assessee, reversing the disallowances under sections 10A and 10AA of the Income Tax Act. The Tribunal found that the Assessing Officer's disallowances were based on presumptions without concrete evidence of arrangements leading to inflated profits. The Tribunal emphasized the necessity of meeting all conditions for disallowance and referenced similar cases where disallowances were deleted under comparable circumstances. The violation of principles of natural justice regarding time to respond was not addressed due to the favorable decision on the primary grounds. en-us Mon, 09 Oct 2017 00:00:00 +0530 Thu, 14 Jan 2021 21:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292946 The Tribunal allowed the appeal in favor of the assessee, reversing the disallowances under sections 10A and 10AA of the Income Tax Act. The Tribunal found that the Assessing Officer's disallowances were based on presumptions without concrete evidence of arrangements leading to inflated profits. The Tribunal emphasized the necessity of meeting all conditions for disallowance and referenced similar cases where disallowances were deleted under comparable circumstances. The violation of principles of natural justice regarding time to respond was not addressed due to the favorable decision on the primary grounds. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292946