https://www.taxtmi.com/caselaws?id=350086 The ITAT dismissed the Assessee's appeal regarding the disallowance of managerial remuneration exceeding the Central Government's sanctioned limit. The ITAT remanded the issue for verification of Central Government approval. Regarding the taxation of profit element in alleged bogus purchases, the ITAT upheld the CIT(A)'s decision to restrict the disallowance to 25% of the profit element, correcting the figure to Rs. 56,24,615. The ITAT dismissed the Revenue's appeal, maintaining the profit estimation at 25% and granting relief on the remaining balance. en-us Fri, 27 Oct 2017 00:00:00 +0530 Tue, 31 Oct 2017 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350086 The ITAT dismissed the Assessee's appeal regarding the disallowance of managerial remuneration exceeding the Central Government's sanctioned limit. The ITAT remanded the issue for verification of Central Government approval. Regarding the taxation of profit element in alleged bogus purchases, the ITAT upheld the CIT(A)'s decision to restrict the disallowance to 25% of the profit element, correcting the figure to Rs. 56,24,615. The ITAT dismissed the Revenue's appeal, maintaining the profit estimation at 25% and granting relief on the remaining balance. Case-Laws Income Tax Fri, 27 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350086