Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments presented by the assessee. They noted that the books of account were audited under section 44AB of the Income Tax Act and were not rejected by the AO. Therefore, the adhoc disallowance based on presumptions was deemed unsustainable, citing the precedent set by the Supreme Court. - The Tribunal emphasized that the AO's failure to reject the books of account further weakened the basis for the adhoc disallowance.
Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments presented by the assessee. They noted that the books of account were audited under section 44AB of the Income Tax Act and were not rejected by the AO. Therefore, the adhoc disallowance based on presumptions was deemed unsustainable, citing the precedent set by the Supreme Court. - The Tribunal emphasized that the AO's failure to reject the books of account further weakened the basis for the adhoc disallowance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
