https://www.taxtmi.com/caselaws?id=344116 The Tribunal partially allowed the assessee's appeals by upholding the books of accounts, accepting the Gross Profit (G.P.) rate declared by the assessee, and confirming the CIT(A)'s decision on the disallowance of expenses. The Tribunal held that the rejection of books of accounts was unjustified, the estimated G.P. rate by the Assessing Officer was not supported by previous decisions, and the disallowance of expenses was reasonable except for traveling expenses, which were reduced from 15% to 10%. en-us Thu, 25 May 2017 00:00:00 +0530 Fri, 09 Jun 2017 05:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344116 The Tribunal partially allowed the assessee's appeals by upholding the books of accounts, accepting the Gross Profit (G.P.) rate declared by the assessee, and confirming the CIT(A)'s decision on the disallowance of expenses. The Tribunal held that the rejection of books of accounts was unjustified, the estimated G.P. rate by the Assessing Officer was not supported by previous decisions, and the disallowance of expenses was reasonable except for traveling expenses, which were reduced from 15% to 10%. Case-Laws Income Tax Thu, 25 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344116