https://www.taxtmi.com/caselaws?id=407972 The Tribunal set aside the appeal, directing the Assessing Officer to allow the appellant an opportunity to substantiate turnover and expenses with valid evidence. The Tribunal observed that the current year's assessment should be restored to the Assessing Officer for a fresh evaluation with proper substantiation of income. The total income was assessed at Rs. 1,24,29,480 against the returned income of Rs. 6,38,660, including disallowances under various sections. The Tribunal emphasized the need for the appellant to provide accurate income details with substantial evidence before the Assessing Officer. The Tribunal upheld the CIT (Appeals) order, emphasizing the lack of proper examination of the opening stock discrepancy and the absence of supporting evidence during the assessment proceedings. en-us Tue, 16 Mar 2021 00:00:00 +0530 Fri, 28 May 2021 08:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407972 The Tribunal set aside the appeal, directing the Assessing Officer to allow the appellant an opportunity to substantiate turnover and expenses with valid evidence. The Tribunal observed that the current year's assessment should be restored to the Assessing Officer for a fresh evaluation with proper substantiation of income. The total income was assessed at Rs. 1,24,29,480 against the returned income of Rs. 6,38,660, including disallowances under various sections. The Tribunal emphasized the need for the appellant to provide accurate income details with substantial evidence before the Assessing Officer. The Tribunal upheld the CIT (Appeals) order, emphasizing the lack of proper examination of the opening stock discrepancy and the absence of supporting evidence during the assessment proceedings. Case-Laws Income Tax Tue, 16 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407972