https://www.taxtmi.com/caselaws?id=434390 The Tribunal upheld the Assessing Officer's decision to disallow 20% of the expenses claimed by the assessee, amounting to Rs. 4,68,30,034, due to lack of substantiation. Additionally, the Tribunal supported the addition made under Section 68 of the Income Tax Act, 1961, amounting to Rs. 1,87,03,731, as the assessee failed to provide satisfactory explanations for outstanding sundry creditors. The Tribunal also upheld the rejection of additional evidence under Rule 46A, emphasizing the importance of producing necessary records and procedural fairness in the assessment process. en-us Thu, 16 Feb 2023 00:00:00 +0530 Thu, 23 Feb 2023 08:52:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434390 The Tribunal upheld the Assessing Officer's decision to disallow 20% of the expenses claimed by the assessee, amounting to Rs. 4,68,30,034, due to lack of substantiation. Additionally, the Tribunal supported the addition made under Section 68 of the Income Tax Act, 1961, amounting to Rs. 1,87,03,731, as the assessee failed to provide satisfactory explanations for outstanding sundry creditors. The Tribunal also upheld the rejection of additional evidence under Rule 46A, emphasizing the importance of producing necessary records and procedural fairness in the assessment process. Case-Laws Income Tax Thu, 16 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434390