https://www.taxtmi.com/caselaws?id=426659 The case involved disputes over unexplained gains of FAT & SNF in the trading account of a dairy product manufacturer. The Assessing Officer (AO) added the gains to the total income, alleging discrepancies in milk procurement. The Commissioner of Income Tax (Appeals) (CIT(A)) deleted the addition, attributing the gains to contract work for Mother Dairy and citing factual errors in the AO's assumptions. The CIT(A) allowed setting off unabsorbed depreciation against income, following a High Court decision. The Revenue's appeal against the CIT(A)'s decision was dismissed by the Tribunal, which upheld the deletion of the addition based on factual corrections and evidence. en-us Fri, 22 Jul 2022 00:00:00 +0530 Tue, 23 Aug 2022 08:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426659 The case involved disputes over unexplained gains of FAT & SNF in the trading account of a dairy product manufacturer. The Assessing Officer (AO) added the gains to the total income, alleging discrepancies in milk procurement. The Commissioner of Income Tax (Appeals) (CIT(A)) deleted the addition, attributing the gains to contract work for Mother Dairy and citing factual errors in the AO's assumptions. The CIT(A) allowed setting off unabsorbed depreciation against income, following a High Court decision. The Revenue's appeal against the CIT(A)'s decision was dismissed by the Tribunal, which upheld the deletion of the addition based on factual corrections and evidence. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426659