https://www.taxtmi.com/caselaws?id=263225 The tribunal upheld the reopening of assessment for the appellant for the assessment year 2004-05, finding that the Assessing Officer acted in accordance with the law by focusing on income from the sale of assets. It upheld the disallowance of electricity charges related to the residence due to lack of evidence supporting business activities. The tribunal reduced the disallowance of telephone expenses for personal use from 20% to 10% and directed a specific allocation of administrative expenses for different plots to compute profits accurately. Additionally, it adjusted the estimation of profit from construction on specific plots to 8% of Work-in-Progress to reflect the stage of completion and expenses allocation. en-us Wed, 18 Feb 2015 00:00:00 +0530 Wed, 04 Mar 2015 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263225 The tribunal upheld the reopening of assessment for the appellant for the assessment year 2004-05, finding that the Assessing Officer acted in accordance with the law by focusing on income from the sale of assets. It upheld the disallowance of electricity charges related to the residence due to lack of evidence supporting business activities. The tribunal reduced the disallowance of telephone expenses for personal use from 20% to 10% and directed a specific allocation of administrative expenses for different plots to compute profits accurately. Additionally, it adjusted the estimation of profit from construction on specific plots to 8% of Work-in-Progress to reflect the stage of completion and expenses allocation. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263225