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2020 (1) TMI 476 - AT - Income TaxAllowability of the expenses incurred out of the estimated income - Addition on account of alleged sales on protective basis - HELD THAT:- We find that the Tribunal has restored the matter back to the file of the Assessing Officer to determine the issue of allowability of the expenses incurred out of the estimated income of 2% against the claim of the assessed which is 0.25% to 0.5%. Addition in the hands of the assessee on protective basis, we find that the addition has been confirmed by the Ld. CIT(A) on the grounds that no evidence has been produced to prove that substantive assessment has been made in the hands of M/s Reliance Industries Limited. Before it has been submitted that the addition has been made in substantive capacity in the case of M/s Reliance Industries Ltd. The Assessing Officer is hereby directed to verify the records of M/s Reliance Industries Ltd. and a form that this amount has been added, and give relief in the case of this assessee for the AY 2007-08. Appeals of the assessee are allowed for statistical purposes.
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