https://www.taxtmi.com/caselaws?id=236797 Regularly followed accounting for cold storage hire charges could not be rejected under section 145 because the Revenue failed to show any defect in the books or any basis to disturb the method merely for a different mercantile computation. The restricted disallowance of business expenses was sustained because the appellate authority applied a reasonable percentage-based estimate on the evidence before it, and no material showed that finding to be arbitrary. Additions for alleged undisclosed potato trading and related farmer credits were deleted because they rested on presumption rather than corroborative evidence and the credits were explained as rent adjustments. The short-term capital loss on share sale was also accepted as genuine on the material and prior factual consistency. en-us Fri, 10 May 2013 00:00:00 +0530 Sun, 08 Sep 2013 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236797 Regularly followed accounting for cold storage hire charges could not be rejected under section 145 because the Revenue failed to show any defect in the books or any basis to disturb the method merely for a different mercantile computation. The restricted disallowance of business expenses was sustained because the appellate authority applied a reasonable percentage-based estimate on the evidence before it, and no material showed that finding to be arbitrary. Additions for alleged undisclosed potato trading and related farmer credits were deleted because they rested on presumption rather than corroborative evidence and the credits were explained as rent adjustments. The short-term capital loss on share sale was also accepted as genuine on the material and prior factual consistency. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236797