https://www.taxtmi.com/caselaws?id=67903 The Tribunal dismissed the Department's appeal regarding the hire purchase commissions, affirming that the liability accrues when the agreement is signed. The rejection of the books of accounts and the application of a 22.5% gross profit rate were deemed improper, with an ad hoc addition of Rs. 30,000 retained. The disallowance for personal use of car and telephone was upheld, and the direction to verify the deduction under Section 80G was considered proper. The matter of interest calculation was remitted back to the ITO for reconsideration. The assessee's appeal was partly allowed, while the Department's appeal was dismissed. en-us Thu, 17 Oct 1985 00:00:00 +0530 Tue, 15 Mar 2011 12:27:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67903 The Tribunal dismissed the Department's appeal regarding the hire purchase commissions, affirming that the liability accrues when the agreement is signed. The rejection of the books of accounts and the application of a 22.5% gross profit rate were deemed improper, with an ad hoc addition of Rs. 30,000 retained. The disallowance for personal use of car and telephone was upheld, and the direction to verify the deduction under Section 80G was considered proper. The matter of interest calculation was remitted back to the ITO for reconsideration. The assessee's appeal was partly allowed, while the Department's appeal was dismissed. Case-Laws Income Tax Thu, 17 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67903