https://www.taxtmi.com/caselaws?id=404444 The Tribunal upheld the decision of the CIT(A) and ruled in favor of the assessee, deleting the addition of Rs. 1,00,000 made by the Assessing Officer for low drawings for household expenses. The Tribunal found that the Assessing Officer's addition was based on guesswork and not supported by reasonable grounds, as the appellant had systematically withdrawn over Rs. 3,50,000 during the relevant period. Therefore, the Tribunal concluded that the addition was unjustified and allowed the appeal filed by the assessee. en-us Wed, 20 Jan 2021 00:00:00 +0530 Wed, 24 Feb 2021 09:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404444 The Tribunal upheld the decision of the CIT(A) and ruled in favor of the assessee, deleting the addition of Rs. 1,00,000 made by the Assessing Officer for low drawings for household expenses. The Tribunal found that the Assessing Officer's addition was based on guesswork and not supported by reasonable grounds, as the appellant had systematically withdrawn over Rs. 3,50,000 during the relevant period. Therefore, the Tribunal concluded that the addition was unjustified and allowed the appeal filed by the assessee. Case-Laws Income Tax Wed, 20 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404444