https://www.taxtmi.com/caselaws?id=433485 The Income Tax Appellate Tribunal (ITAT) upheld the Assessing Officer's (AO) disallowances and additions in a case where expenditures were deemed non-genuine and unverifiable. The Tribunal stressed the importance of substantiating claims with proper evidence. The estimation of income for AY 2013-14 was affirmed based on consistency with prior years. However, the addition under section 56(2)(vii) was overturned as the provision was not applicable for that year. en-us Fri, 27 Jan 2023 00:00:00 +0530 Wed, 01 Mar 2023 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433485 The Income Tax Appellate Tribunal (ITAT) upheld the Assessing Officer's (AO) disallowances and additions in a case where expenditures were deemed non-genuine and unverifiable. The Tribunal stressed the importance of substantiating claims with proper evidence. The estimation of income for AY 2013-14 was affirmed based on consistency with prior years. However, the addition under section 56(2)(vii) was overturned as the provision was not applicable for that year. Case-Laws Income Tax Fri, 27 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433485