https://www.taxtmi.com/caselaws?id=307387 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) regarding the disallowed expenses, emphasizing the necessity for a fair estimation of income by the Assessing Officer guided by principles of justice, equity, and good conscience. The Tribunal noted that the expenses were consistent with previous years, and the assessee had provided necessary supporting details not specifically countered by the AO. Citing relevant case law, the Tribunal dismissed the Revenue's appeal as the AO's adhoc disallowance lacked a reasonable basis and failed to comply with fair income estimation principles. en-us Wed, 20 Jan 2016 00:00:00 +0530 Mon, 10 Apr 2023 22:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307387 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) regarding the disallowed expenses, emphasizing the necessity for a fair estimation of income by the Assessing Officer guided by principles of justice, equity, and good conscience. The Tribunal noted that the expenses were consistent with previous years, and the assessee had provided necessary supporting details not specifically countered by the AO. Citing relevant case law, the Tribunal dismissed the Revenue's appeal as the AO's adhoc disallowance lacked a reasonable basis and failed to comply with fair income estimation principles. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307387