https://www.taxtmi.com/caselaws?id=437556 The Tribunal upheld the legality of the ex parte assessment order under section 144 of the Income Tax Act, finding no miscarriage of justice. The disallowance of loss on the sale of grey cloth was overturned due to lack of basis. The addition for unreconciled differences in contract confirmation, cessation of liability, and bogus sundry creditors were all deleted for lack of justification. The appeal was partly allowed, with all additions confirmed by the CIT(A) being deleted on merit, and the ground for set-off of business losses was dismissed as irrelevant. en-us Thu, 04 May 2023 00:00:00 +0530 Tue, 09 May 2023 08:07:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437556 The Tribunal upheld the legality of the ex parte assessment order under section 144 of the Income Tax Act, finding no miscarriage of justice. The disallowance of loss on the sale of grey cloth was overturned due to lack of basis. The addition for unreconciled differences in contract confirmation, cessation of liability, and bogus sundry creditors were all deleted for lack of justification. The appeal was partly allowed, with all additions confirmed by the CIT(A) being deleted on merit, and the ground for set-off of business losses was dismissed as irrelevant. Case-Laws Income Tax Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437556