https://www.taxtmi.com/caselaws?id=413644 In section 153C proceedings, concluded assessments were not sustained on the basis of material already on record; the article states that additions require incriminating material found during search, and that Rule 27 may be invoked to support relief before the Tribunal without a separate appeal. It also notes that write-off of obsolete inventory was treated as an actual business loss, prior period expenses were allowed once the liability had crystallised, and liquidated damages under contractual purchase orders were regarded as accrued business expenditure rather than a penal outgo. The stated result is deletion of the additions and disallowances. en-us Thu, 14 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413644 In section 153C proceedings, concluded assessments were not sustained on the basis of material already on record; the article states that additions require incriminating material found during search, and that Rule 27 may be invoked to support relief before the Tribunal without a separate appeal. It also notes that write-off of obsolete inventory was treated as an actual business loss, prior period expenses were allowed once the liability had crystallised, and liquidated damages under contractual purchase orders were regarded as accrued business expenditure rather than a penal outgo. The stated result is deletion of the additions and disallowances. Case-Laws Income Tax Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413644