ITAT Rules: No Evidence of Tax Evasion or Suppression; Deletion of Additions Based on Presumptions Ordered.

ITAT Rules: No Evidence of Tax Evasion or Suppression; Deletion of Additions Based on Presumptions Ordered. https://www.taxtmi.com/highlights?id=71640 Suppression of sales of iron ore - Tribunal found that in absence of any charge of evasion of royalty/tax, it cannot be presumed that there is any suppression of quantity of production from the mine or the purchase made by appellant from M/s Jai Minerals. The Tribunal also found that the findings leading to addition by the Assessing Officer are based on presumption rather than proof. - Order of ITAT deleting the additions sustained - HC en-us Thu, 24 Aug 2023 17:28:02 +0530 Thu, 24 Aug 2023 17:28:02 +0530 TaxTMI RSS Generator ITAT Rules: No Evidence of Tax Evasion or Suppression; Deletion of Additions Based on Presumptions Ordered. https://www.taxtmi.com/highlights?id=71640 Suppression of sales of iron ore - Tribunal found that in absence of any charge of evasion of royalty/tax, it cannot be presumed that there is any suppression of quantity of production from the mine or the purchase made by appellant from M/s Jai Minerals. The Tribunal also found that the findings leading to addition by the Assessing Officer are based on presumption rather than proof. - Order of ITAT deleting the additions sustained - HC Highlights Income Tax Thu, 24 Aug 2023 17:28:02 +0530 https://www.taxtmi.com/highlights?id=71640