https://www.taxtmi.com/caselaws?id=408546 The Appellate Tribunal ITAT Hyderabad allowed the Revenue's appeals concerning additions made under the Income Tax Act for AY 2013-14. The Tribunal directed a fresh consideration by the Ld. AO for the deletion of an addition made under section 68 due to insufficient documents. Additionally, an estimated addition was remitted back to the Ld. AO for proper assessment as it lacked detailed reasoning. The penalty imposed under section 271(1)(c) was deleted by the Ld. CIT (A) along with the additions, and both the quantum appeal and penalty appeal were remitted for appropriate decisions. The case underscored the importance of evidence and procedural compliance in tax assessments. en-us Tue, 27 Apr 2021 00:00:00 +0530 Tue, 15 Jun 2021 07:49:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408546 The Appellate Tribunal ITAT Hyderabad allowed the Revenue's appeals concerning additions made under the Income Tax Act for AY 2013-14. The Tribunal directed a fresh consideration by the Ld. AO for the deletion of an addition made under section 68 due to insufficient documents. Additionally, an estimated addition was remitted back to the Ld. AO for proper assessment as it lacked detailed reasoning. The penalty imposed under section 271(1)(c) was deleted by the Ld. CIT (A) along with the additions, and both the quantum appeal and penalty appeal were remitted for appropriate decisions. The case underscored the importance of evidence and procedural compliance in tax assessments. Case-Laws Income Tax Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408546