Additions against Over-invoicing of Purchases - The Tribunal ...

Tribunal Supports CIT(A); Rejects Selective Evidence on Over-Invoicing, Dismisses Notional Values in Stock Undervaluation Case.

April 6, 2024

Case Laws Income Tax AT

Additions against Over-invoicing of Purchases - The Tribunal found that the AO's selective reliance on pieces of evidence without considering the entirety of the material was unjustified. Consequently, the Tribunal upheld the CIT(A)'s decision to delete the additions related to over-invoicing. - Regarding the undervaluation of stock, the Tribunal observed that the documents presumed to demonstrate unexplained investment were prepared for strategic purposes, showcasing notional values for presentation to potential investors. It was determined that these notional figures could not form the basis for additions under section 69B.

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Additions against Over-invoicing of Purchases - The Tribunal ...

Tribunal Supports CIT(A); Rejects Selective Evidence on Over-Invoicing, Dismisses Notional Values in Stock Undervaluation Case.

April 6, 2024

Case Laws Income Tax AT

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