https://www.taxtmi.com/caselaws?id=254504 The High Court addressed challenges regarding the estimation of net profit and deductions in an income tax assessment. It ruled that deductions under specific sections of the Income Tax Act are permissible even in assessments under other sections, rejecting the Revenue's argument to the contrary. The Court found the assessing officer's denial of deductions for salaries to partners and interest on financial charges unjustified, ruling in favor of the assessee and dismissing the Revenue's appeal. en-us Thu, 11 Dec 2014 00:00:00 +0530 Tue, 05 May 2015 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254504 The High Court addressed challenges regarding the estimation of net profit and deductions in an income tax assessment. It ruled that deductions under specific sections of the Income Tax Act are permissible even in assessments under other sections, rejecting the Revenue's argument to the contrary. The Court found the assessing officer's denial of deductions for salaries to partners and interest on financial charges unjustified, ruling in favor of the assessee and dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 11 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254504