https://www.taxtmi.com/caselaws?id=311224 The HC allowed the assessee's appeal against the Tribunal's order on undisclosed stock and repair expenses disallowance. The court found fundamental errors in assessment proceedings where the assessing officer ignored quantitative details and documents produced by the assessee for the relevant assessment year, instead relying on figures from previous years. The CIT(A) and Tribunal committed similar errors by not examining records specific to the assessment year under consideration. The court emphasized that each assessment year is an independent unit and authorities must examine documents furnished by the assessee rather than making estimations based on previous years' data without proper verification. en-us Fri, 17 Feb 2023 00:00:00 +0530 Thu, 14 Dec 2023 08:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311224 The HC allowed the assessee's appeal against the Tribunal's order on undisclosed stock and repair expenses disallowance. The court found fundamental errors in assessment proceedings where the assessing officer ignored quantitative details and documents produced by the assessee for the relevant assessment year, instead relying on figures from previous years. The CIT(A) and Tribunal committed similar errors by not examining records specific to the assessment year under consideration. The court emphasized that each assessment year is an independent unit and authorities must examine documents furnished by the assessee rather than making estimations based on previous years' data without proper verification. Case-Laws Income Tax Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311224