https://www.taxtmi.com/caselaws?id=344270 The ITAT directed the deletion of the addition made on account of low gross profit as it was based on surmises without rejecting the books of account. The disallowance under the head interest account was deleted, emphasizing that the reasonableness of expenses should be judged from a businessman's viewpoint. The issue of excessive stock found was remitted to the AO for fresh consideration due to discrepancies in stock valuation. The addition on account of loss on fire was remitted for factual verification as the nature of the loss was unclear. The 10% disallowance on certain expenses was deemed reasonable and upheld by the ITAT. en-us Thu, 08 Jun 2017 00:00:00 +0530 Wed, 14 Jun 2017 08:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344270 The ITAT directed the deletion of the addition made on account of low gross profit as it was based on surmises without rejecting the books of account. The disallowance under the head interest account was deleted, emphasizing that the reasonableness of expenses should be judged from a businessman's viewpoint. The issue of excessive stock found was remitted to the AO for fresh consideration due to discrepancies in stock valuation. The addition on account of loss on fire was remitted for factual verification as the nature of the loss was unclear. The 10% disallowance on certain expenses was deemed reasonable and upheld by the ITAT. Case-Laws Income Tax Thu, 08 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344270