https://www.taxtmi.com/caselaws?id=426608 The Tribunal upheld the CIT(A)'s decision to estimate a 5% disallowance despite the AO's addition, citing industry standards and previous case laws. The appeal by Revenue was dismissed due to the tax effect falling below the threshold, and the cross objection related to the validity of reopening under section 147 was rejected. The judgment emphasized the importance of detailed records and substantial evidence in transactions, leading to the dismissal of both the revenue's appeal and the assessee's cross objection. en-us Tue, 29 Mar 2022 00:00:00 +0530 Sat, 20 Aug 2022 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426608 The Tribunal upheld the CIT(A)'s decision to estimate a 5% disallowance despite the AO's addition, citing industry standards and previous case laws. The appeal by Revenue was dismissed due to the tax effect falling below the threshold, and the cross objection related to the validity of reopening under section 147 was rejected. The judgment emphasized the importance of detailed records and substantial evidence in transactions, leading to the dismissal of both the revenue's appeal and the assessee's cross objection. Case-Laws Income Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426608