https://www.taxtmi.com/caselaws?id=179222 The Tribunal partially allowed the assessee's appeal, ruling in favor of the assessee on the applicability of Section 40(a)(ia) based on the precedent set by a Co-ordinate Bench. However, the Tribunal dismissed the assessee's argument regarding the applicability of Section 194C(1) and upheld the AO's position on Section 194C(2). The Tribunal emphasized the necessity of rejecting books of accounts and estimating income rather than making specific disallowances based on the same books, following the principles established in relevant case law. en-us Fri, 18 Dec 2009 00:00:00 +0530 Fri, 22 Sep 2023 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179222 The Tribunal partially allowed the assessee's appeal, ruling in favor of the assessee on the applicability of Section 40(a)(ia) based on the precedent set by a Co-ordinate Bench. However, the Tribunal dismissed the assessee's argument regarding the applicability of Section 194C(1) and upheld the AO's position on Section 194C(2). The Tribunal emphasized the necessity of rejecting books of accounts and estimating income rather than making specific disallowances based on the same books, following the principles established in relevant case law. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179222