2015 (5) TMI 1014 - AT - Income Tax

Addition made u/s 40A(3) - addition made on account of suppression of yield/production of rice canbe sustained - Held that - As per the majority view both the above said issues are decided in favour of the assessee. Additions deleted.

Summary

The Appellate Tribunal ITAT Cochin ruled in favor of the assessee in ITA No.145/Coch/2014 and dismissed the appeal of the revenue in ITA No.295/Coch/2014. The Third Member agreed with the view of the Judicial Member on issues related to additions made under section 40A(3) of the Act and suppression of yield/production of rice. The decision was pronounced on May 7, 2015.