https://www.taxtmi.com/caselaws?id=122081 The Tribunal partially allowed the assessee's appeal, directing the Assessing Officer to reassess the income based on the books of account and relevant records. The disallowance of expenditure incurred between the in-principal and final approval dates was upheld, as the assessee failed to prove the business was fully set up during that period. However, the consultancy fees paid to Royal House Agency were deemed allowable by the Tribunal, overturning the decisions of the Assessing Officer and CIT (A). The Tribunal also rejected the application of Rule 10 of the Income-tax Rules, 1962, by the AO, emphasizing the need for definite evidence in income determination. en-us Thu, 30 Sep 2010 00:00:00 +0530 Wed, 08 Aug 2012 14:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122081 The Tribunal partially allowed the assessee's appeal, directing the Assessing Officer to reassess the income based on the books of account and relevant records. The disallowance of expenditure incurred between the in-principal and final approval dates was upheld, as the assessee failed to prove the business was fully set up during that period. However, the consultancy fees paid to Royal House Agency were deemed allowable by the Tribunal, overturning the decisions of the Assessing Officer and CIT (A). The Tribunal also rejected the application of Rule 10 of the Income-tax Rules, 1962, by the AO, emphasizing the need for definite evidence in income determination. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122081