https://www.taxtmi.com/caselaws?id=456847 The Tribunal upheld the CIT(A)'s decision to reduce the multiplicative factor applied by the AO from three to one concerning the sale of long-term capital assets. Additionally, the Tribunal affirmed the CIT(A)'s reduction of disallowed packaging expenses from Rs.95,75,917 to Rs.6 lakhs, noting the AO's failure to provide evidence against the claimed expenses. The High Court found no substantial question of law in these matters. The respondent/assessee was permitted to file cross-objections regarding Section 50C of the Income Tax Act, 1961. The case is scheduled for further hearing on 06.02.2024. en-us Mon, 11 Sep 2023 00:00:00 +0530 Tue, 20 Aug 2024 23:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456847 The Tribunal upheld the CIT(A)'s decision to reduce the multiplicative factor applied by the AO from three to one concerning the sale of long-term capital assets. Additionally, the Tribunal affirmed the CIT(A)'s reduction of disallowed packaging expenses from Rs.95,75,917 to Rs.6 lakhs, noting the AO's failure to provide evidence against the claimed expenses. The High Court found no substantial question of law in these matters. The respondent/assessee was permitted to file cross-objections regarding Section 50C of the Income Tax Act, 1961. The case is scheduled for further hearing on 06.02.2024. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456847