https://www.taxtmi.com/caselaws?id=414312 The appeal by the assessee was partly allowed, and the appeal by the revenue was dismissed. The Tribunal emphasized substantiating claims with evidence and adhering to legal provisions in determining tax liabilities. Key outcomes included treating unrecovered advances as business losses, allowing estimation of net income from bank balances, deleting surcharge due to inapplicability during the relevant period, and excluding certain income for the assessment year. The Tribunal upheld decisions on liabilities, prior period advances, and unpaid purchase liabilities, preventing double taxation and emphasizing the matching principle. en-us Wed, 27 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 09:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414312 The appeal by the assessee was partly allowed, and the appeal by the revenue was dismissed. The Tribunal emphasized substantiating claims with evidence and adhering to legal provisions in determining tax liabilities. Key outcomes included treating unrecovered advances as business losses, allowing estimation of net income from bank balances, deleting surcharge due to inapplicability during the relevant period, and excluding certain income for the assessment year. The Tribunal upheld decisions on liabilities, prior period advances, and unpaid purchase liabilities, preventing double taxation and emphasizing the matching principle. Case-Laws Income Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414312