https://www.taxtmi.com/caselaws?id=346120 The Appellate Tribunal ITAT CUTTACK allowed the appeal filed by the assessee, setting aside the order passed by the Commissioner of Income-tax (Appeals). The Tribunal emphasized the importance of accepting audited accounts under section 44AB and ruled that disallowance of expenses based on estimation is impermissible when audited accounts have not been rejected. It was concluded that the authorities exceeded their powers by disallowing deductions claimed by the assessee despite the audited books of account being duly accepted. The Tribunal also reiterated the need to adhere to settled legal principles in assessing income and making additions to the total income of the assessee. en-us Fri, 28 Apr 2017 00:00:00 +0530 Fri, 04 Aug 2017 07:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346120 The Appellate Tribunal ITAT CUTTACK allowed the appeal filed by the assessee, setting aside the order passed by the Commissioner of Income-tax (Appeals). The Tribunal emphasized the importance of accepting audited accounts under section 44AB and ruled that disallowance of expenses based on estimation is impermissible when audited accounts have not been rejected. It was concluded that the authorities exceeded their powers by disallowing deductions claimed by the assessee despite the audited books of account being duly accepted. The Tribunal also reiterated the need to adhere to settled legal principles in assessing income and making additions to the total income of the assessee. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346120