Assessee Successfully Challenges Additions u/s 68; AO and CIT(A) Faulted for Dismissing Evidence Without Inquiry.

Assessee Successfully Challenges Additions u/s 68; AO and CIT(A) Faulted for Dismissing Evidence Without Inquiry. https://www.taxtmi.com/highlights?id=70668 Additions u/s 68 - Low profit ratio - the assessee has discharged his onus before the revenue authorities. AO and the ld. CIT(A) rejected the explanation of the assessee solely based on the limited issue of low profit - There were no enquiries made nor any evidence to reject the documents/evidences filed by the assessee - AT en-us Fri, 30 Jun 2023 10:15:25 +0530 Fri, 30 Jun 2023 10:15:25 +0530 TaxTMI RSS Generator Assessee Successfully Challenges Additions u/s 68; AO and CIT(A) Faulted for Dismissing Evidence Without Inquiry. https://www.taxtmi.com/highlights?id=70668 Additions u/s 68 - Low profit ratio - the assessee has discharged his onus before the revenue authorities. AO and the ld. CIT(A) rejected the explanation of the assessee solely based on the limited issue of low profit - There were no enquiries made nor any evidence to reject the documents/evidences filed by the assessee - AT Highlights Income Tax Fri, 30 Jun 2023 10:15:25 +0530 https://www.taxtmi.com/highlights?id=70668