https://www.taxtmi.com/caselaws?id=424270 The ITAT allowed the appeals for both assessment years 2008-09 and 2010-11, setting aside the additions made by the CIT(A). The ITAT emphasized the necessity of rejecting books of accounts before making estimated additions and the importance of considering authoritative orders like those of the CESTAT. The decision highlighted the requirement for substantive evidence in income tax proceedings and deemed the penalties and interest levied under sections 234A, 234B, 234C, and 234D unsustainable due to the invalidated foundational basis for the additions. en-us Wed, 22 Jun 2022 00:00:00 +0530 Fri, 24 Jun 2022 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424270 The ITAT allowed the appeals for both assessment years 2008-09 and 2010-11, setting aside the additions made by the CIT(A). The ITAT emphasized the necessity of rejecting books of accounts before making estimated additions and the importance of considering authoritative orders like those of the CESTAT. The decision highlighted the requirement for substantive evidence in income tax proceedings and deemed the penalties and interest levied under sections 234A, 234B, 234C, and 234D unsustainable due to the invalidated foundational basis for the additions. Case-Laws Income Tax Wed, 22 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424270