1986 (11) TMI 130 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur heard two appeals by the assessee and one by the Department regarding the reopening of assessment and deduction of expenses. The Tribunal found that the Department's reassessment was unjustified for the first two years due to insufficient deduction and proper records not being maintained. The reassessment was rightly quashed. For the third year, where proper records were maintained, the deduction should exceed Rs. 10,000. The appeals by the assessee for two years were partly allowed, while the Department's appeal was dismissed. (Citation: 1986 (11) TMI 130 - ITAT Jaipur)