https://www.taxtmi.com/caselaws?id=450470 The ITAT dismissed the Revenue's appeal challenging the CIT(A)'s decision to delete the addition of Rs. 2,37,21,344/- made by the AO for A.Y. 2011-12. The AO had added this amount based on an estimated profit margin of 8% due to alleged discrepancies in contract receipts and commission payments. However, the Tribunal ruled that the addition was speculative and lacked concrete evidence, thus upholding the CIT(A)'s decision. This outcome underscores the necessity for substantive evidence in tax assessments, rather than reliance on estimates or assumptions. en-us Mon, 04 Mar 2024 00:00:00 +0530 Wed, 06 Mar 2024 09:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450470 The ITAT dismissed the Revenue's appeal challenging the CIT(A)'s decision to delete the addition of Rs. 2,37,21,344/- made by the AO for A.Y. 2011-12. The AO had added this amount based on an estimated profit margin of 8% due to alleged discrepancies in contract receipts and commission payments. However, the Tribunal ruled that the addition was speculative and lacked concrete evidence, thus upholding the CIT(A)'s decision. This outcome underscores the necessity for substantive evidence in tax assessments, rather than reliance on estimates or assumptions. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450470