https://www.taxtmi.com/caselaws?id=751566 The Rajasthan HC upheld the Appellate Tribunal's decision favoring the respondent-Company on multiple tax assessment issues. The court found that unexplained credit under Section 68 was wrongly applied as the company provided all requisite documents and the assessment was based merely on suspicion, which is impermissible. The disallowance of various expenses was appropriately restricted to Rs. 75,000 by CIT. Regarding ESI contributions, the Tribunal correctly directed verification that employee contributions were deposited before the due date. The HC noted concurrent findings by CIT and Appellate Tribunal were well-reasoned and based on proper analysis of facts and circumstances, declining to grant relief to the appellant. en-us Mon, 04 Mar 2024 00:00:00 +0530 Fri, 19 Apr 2024 08:09:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751566 The Rajasthan HC upheld the Appellate Tribunal's decision favoring the respondent-Company on multiple tax assessment issues. The court found that unexplained credit under Section 68 was wrongly applied as the company provided all requisite documents and the assessment was based merely on suspicion, which is impermissible. The disallowance of various expenses was appropriately restricted to Rs. 75,000 by CIT. Regarding ESI contributions, the Tribunal correctly directed verification that employee contributions were deposited before the due date. The HC noted concurrent findings by CIT and Appellate Tribunal were well-reasoned and based on proper analysis of facts and circumstances, declining to grant relief to the appellant. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751566