https://www.taxtmi.com/caselaws?id=434806 The Tribunal dismissed the Revenue's appeals, upholding the CIT (A)'s decisions on all grounds. The AO's additions were not substantiated with sufficient evidence, and the CIT (A) correctly applied legal principles, considering detailed submissions from the assessee. The Tribunal found that the AO failed to establish the cessation of liability or prove the credits as non-genuine, leading to the deletion of additions related to sundry creditors and advances from customers. Additionally, the Tribunal upheld the deletion of additions based on discrepancies in contract receipts and allowed additional depreciation for ready mix concrete production, recognizing it as a manufacturing activity. en-us Thu, 12 Jan 2023 00:00:00 +0530 Sat, 04 Mar 2023 07:28:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434806 The Tribunal dismissed the Revenue's appeals, upholding the CIT (A)'s decisions on all grounds. The AO's additions were not substantiated with sufficient evidence, and the CIT (A) correctly applied legal principles, considering detailed submissions from the assessee. The Tribunal found that the AO failed to establish the cessation of liability or prove the credits as non-genuine, leading to the deletion of additions related to sundry creditors and advances from customers. Additionally, the Tribunal upheld the deletion of additions based on discrepancies in contract receipts and allowed additional depreciation for ready mix concrete production, recognizing it as a manufacturing activity. Case-Laws Income Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434806