https://www.taxtmi.com/caselaws?id=198559 The Tribunal allowed the appeal, setting aside the CIT(A)'s orders on all contested grounds in favor of the assessee. The rejection of books of account and higher gross profit estimation were deemed unjustified, leading to the disallowance of other related expenses. Ad-hoc disallowances on shop rent and salary payments were overturned due to lack of independent verification. Disallowances on processing, assessment, and renewal fees were accepted after additional evidence was provided. The Tribunal emphasized the importance of factual basis and independent inquiry in making disallowances and upheld the commercial expediency of the claimed expenditures. en-us Sun, 08 Jan 2017 00:00:00 +0530 Sat, 03 Feb 2018 08:12:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198559 The Tribunal allowed the appeal, setting aside the CIT(A)'s orders on all contested grounds in favor of the assessee. The rejection of books of account and higher gross profit estimation were deemed unjustified, leading to the disallowance of other related expenses. Ad-hoc disallowances on shop rent and salary payments were overturned due to lack of independent verification. Disallowances on processing, assessment, and renewal fees were accepted after additional evidence was provided. The Tribunal emphasized the importance of factual basis and independent inquiry in making disallowances and upheld the commercial expediency of the claimed expenditures. Case-Laws Income Tax Sun, 08 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198559