https://www.taxtmi.com/caselaws?id=198875 The Tribunal partly allowed the appeal by the assessee for statistical purposes. It upheld the rejection of books of accounts but adjusted the Gross Profit (G.P.) rate to 3.64%. The addition under section 41(1) was set aside for further inquiry, emphasizing the requirement for a positive act of remission for liability cessation. The disallowance under section 40(a)(ia) was deleted based on the retrospective application of the second proviso, as the recipient had included the income in its return. en-us Thu, 17 Nov 2016 00:00:00 +0530 Sun, 11 Feb 2018 20:22:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198875 The Tribunal partly allowed the appeal by the assessee for statistical purposes. It upheld the rejection of books of accounts but adjusted the Gross Profit (G.P.) rate to 3.64%. The addition under section 41(1) was set aside for further inquiry, emphasizing the requirement for a positive act of remission for liability cessation. The disallowance under section 40(a)(ia) was deleted based on the retrospective application of the second proviso, as the recipient had included the income in its return. Case-Laws Income Tax Thu, 17 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198875