https://www.taxtmi.com/caselaws?id=345545 Gross profit fall was explained by lower sale prices and higher raw material and power costs, so the ad hoc trading addition was deleted. Ad hoc disallowances for travelling, foreign travel, motor car running, repair and maintenance, and employee perquisites were also deleted because the books, vouchers and remand verification supported the expenditure; the advertisement and publicity item and the interest disallowance were remanded for fresh examination. Share application money was not treated as unexplained cash credit under section 68 where applicant details, PAN, banking channels and later allotment were shown. Additions based on alleged on-money, notional electricity-board interest, and stores and spares valuation were deleted or kept open, with valuation accepted at cost. en-us Thu, 17 Nov 2016 00:00:00 +0530 Wed, 19 Jul 2017 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345545 Gross profit fall was explained by lower sale prices and higher raw material and power costs, so the ad hoc trading addition was deleted. Ad hoc disallowances for travelling, foreign travel, motor car running, repair and maintenance, and employee perquisites were also deleted because the books, vouchers and remand verification supported the expenditure; the advertisement and publicity item and the interest disallowance were remanded for fresh examination. Share application money was not treated as unexplained cash credit under section 68 where applicant details, PAN, banking channels and later allotment were shown. Additions based on alleged on-money, notional electricity-board interest, and stores and spares valuation were deleted or kept open, with valuation accepted at cost. Case-Laws Income Tax Thu, 17 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345545