Income Tax : ITAT Delhi held that Section 69A could not be invoked where the Assessing Officer himself accepted that transactions were recorded...
Income Tax : The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. I...
ITAT Delhi held that Section 69A could not be invoked where the Assessing Officer himself accepted that transactions were recorded in the books of account. The matter was remanded for limited verification of sales records and related documents.
The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. It upheld estimation of income at 8% of turnover as a reasonable method when the genuineness of expenses could not be proved.
