https://www.taxtmi.com/caselaws?id=215436 After rejection of books, a trading addition must be limited to the extent justified by the facts; where the assessee had disclosed additional income and turnover had risen substantially, the gross profit addition was reduced rather than sustained in full. On the TDS issue, the existence of a work contract was sufficient to attract deduction under section 194C even without a written contract, and disallowance under section 40(a)(ia) was held to apply only to amounts remaining payable at year end, not to sums already paid during the year. The gross profit addition was confined, and the TDS disallowance required recomputation on the basis of closing liabilities. en-us Tue, 19 Jun 2012 00:00:00 +0530 Fri, 03 Aug 2012 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215436 After rejection of books, a trading addition must be limited to the extent justified by the facts; where the assessee had disclosed additional income and turnover had risen substantially, the gross profit addition was reduced rather than sustained in full. On the TDS issue, the existence of a work contract was sufficient to attract deduction under section 194C even without a written contract, and disallowance under section 40(a)(ia) was held to apply only to amounts remaining payable at year end, not to sums already paid during the year. The gross profit addition was confined, and the TDS disallowance required recomputation on the basis of closing liabilities. Case-Laws Income Tax Tue, 19 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215436