Tax Dispute Resolution: ITAT Orders Fresh Assessment, Remands Section 68 Additions, and Upholds Partial Expense Disallowance

ITAT adjudicated multiple tax-related issues for the assessee. The tribunal directed the Assessing Officer (AO) to reverify records regarding revised return figures and conduct a fresh assessment. Regarding Section 68 additions, the tribunal found merit in the assessee's arguments about current liabilities and remanded the matter back to the AO for reconsideration. On expense disallowances, the tribunal upheld the CIT(A)'s 5% disallowance, emphasizing the taxpayer's primary responsibility to produce comprehensive evidence supporting expenditure claims. The tribunal's ruling essentially mandates procedural compliance and thorough documentation while providing opportunities for the assessee to substantiate financial representations through proper verification processes. .....

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