https://www.taxtmi.com/caselaws?id=414580 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decisions in the case. The additions made by the Assessing Officer (AO) were deleted for various reasons: the profit calculation for the 'Ellora Castle' project was deemed inaccurate without rejecting the books of account, the cessation of liability under Section 41(1) lacked evidence, and the disallowance of bogus purchases was reduced to 12.5% due to lack of conclusive proof. The Tribunal emphasized the importance of proper accounting methods and substantial evidence in tax assessments. en-us Tue, 02 Nov 2021 00:00:00 +0530 Thu, 11 Nov 2021 10:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414580 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decisions in the case. The additions made by the Assessing Officer (AO) were deleted for various reasons: the profit calculation for the 'Ellora Castle' project was deemed inaccurate without rejecting the books of account, the cessation of liability under Section 41(1) lacked evidence, and the disallowance of bogus purchases was reduced to 12.5% due to lack of conclusive proof. The Tribunal emphasized the importance of proper accounting methods and substantial evidence in tax assessments. Case-Laws Income Tax Tue, 02 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414580