https://www.taxtmi.com/caselaws?id=68280 The Tribunal upheld the CIT(A)'s decision to delete the trading addition made by the AO, finding the purchases genuine and supported by documentation, despite the Revenue's challenge. The Tribunal also confirmed the CIT(A)'s directive to recompute the deduction under Section 80HHC based on the final business income, dismissing the Revenue's objection. Regarding the disallowance of expenses, the Tribunal adjusted the disallowance rates to 10% for office, car, and telephone expenses, partly allowing the cross-objection. The appeal was dismissed, and the cross-objection was partly allowed. en-us Mon, 30 Jun 2008 00:00:00 +0530 Sun, 10 Dec 2023 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68280 The Tribunal upheld the CIT(A)'s decision to delete the trading addition made by the AO, finding the purchases genuine and supported by documentation, despite the Revenue's challenge. The Tribunal also confirmed the CIT(A)'s directive to recompute the deduction under Section 80HHC based on the final business income, dismissing the Revenue's objection. Regarding the disallowance of expenses, the Tribunal adjusted the disallowance rates to 10% for office, car, and telephone expenses, partly allowing the cross-objection. The appeal was dismissed, and the cross-objection was partly allowed. Case-Laws Income Tax Mon, 30 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68280