Addition on failure to show the “gitty’ expenses in Closing ...

Taxable Income Addition Reversed: CIT(A) Deletes Audit-Based Additions Due to Flawed Assumptions and Lack of Evidence.

August 3, 2022

Case Laws Income Tax AT

Addition on failure to show the “gitty’ expenses in Closing Stock or WIP - addition based on audit objection - goods in transit - the AO passed the order in haste and it seems that the addition is made only for the reasons that some audit objection was raised. We also perused the alleged audit objection and find that such objection is raised without application of mind. The assumption of audit objection might be based on the idea that the office of the assessee is situated in Surat, so the material could be in transit to Surat. Though, the facts on the records were otherwise - CIT(A) rightly deleted the additions - AT

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Addition on failure to show the “gitty’ expenses in Closing ...

Taxable Income Addition Reversed: CIT(A) Deletes Audit-Based Additions Due to Flawed Assumptions and Lack of Evidence.

August 3, 2022

Case Laws Income Tax AT

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