https://www.taxtmi.com/caselaws?id=771221 ITAT Chennai ruled on three issues in this tax appeal. First, regarding non-consideration of revised return figures, the tribunal set aside the AO's order and directed verification of original records, allowing the ground for statistical purposes. Second, concerning addition under section 68 for unexplained cash credits, the matter was remitted back to AO due to non-submission of remand report and compliance with accounting standards. Third, regarding expense disallowance, the tribunal upheld CIT(A)'s decision allowing 5% disallowance instead of 30%, finding it reasonable given the assessee's failure to provide supporting evidence and requisite details for claimed expenditures. en-us Fri, 16 May 2025 00:00:00 +0530 Thu, 22 May 2025 08:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771221 ITAT Chennai ruled on three issues in this tax appeal. First, regarding non-consideration of revised return figures, the tribunal set aside the AO's order and directed verification of original records, allowing the ground for statistical purposes. Second, concerning addition under section 68 for unexplained cash credits, the matter was remitted back to AO due to non-submission of remand report and compliance with accounting standards. Third, regarding expense disallowance, the tribunal upheld CIT(A)'s decision allowing 5% disallowance instead of 30%, finding it reasonable given the assessee's failure to provide supporting evidence and requisite details for claimed expenditures. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771221