https://www.taxtmi.com/caselaws?id=247155 The Tribunal partly allowed the appeal, directing the Assessing Officer to apply a 5% gross profit rate on sales without further disallowances on direct costs once books of account are rejected. Disallowance of certain expenditures was restricted, and the addition for unexplained agricultural income was dismissed. Disallowances under various expense heads were reduced to 10%. The Tribunal upheld the disallowance under section 40(a)(ia) of the Income Tax Act due to lack of justification by the assessee. en-us Wed, 12 Feb 2014 00:00:00 +0530 Wed, 30 Apr 2014 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247155 The Tribunal partly allowed the appeal, directing the Assessing Officer to apply a 5% gross profit rate on sales without further disallowances on direct costs once books of account are rejected. Disallowance of certain expenditures was restricted, and the addition for unexplained agricultural income was dismissed. Disallowances under various expense heads were reduced to 10%. The Tribunal upheld the disallowance under section 40(a)(ia) of the Income Tax Act due to lack of justification by the assessee. Case-Laws Income Tax Wed, 12 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247155