https://www.taxtmi.com/caselaws?id=361322 The Tribunal upheld the CIT(A)'s decision to treat income from Moets Retreat Club as business income, allowing legitimate business expenses and restricting disallowances. The addition of Rs. 2 crore on account of loans during the search was deleted due to lack of corroborative evidence. The Tribunal found the G.P. rates estimated by the CIT(A) reasonable, with adjustments for specific assessment years. Disallowances under section 43B and of certain expenses were deleted, emphasizing the necessity of proper evidence. The Tribunal's judgment balanced legitimate expenses and income disclosures, directing the AO on recalculations and reasonable G.P. rates. en-us Mon, 28 May 2018 00:00:00 +0530 Tue, 05 Jun 2018 17:25:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361322 The Tribunal upheld the CIT(A)'s decision to treat income from Moets Retreat Club as business income, allowing legitimate business expenses and restricting disallowances. The addition of Rs. 2 crore on account of loans during the search was deleted due to lack of corroborative evidence. The Tribunal found the G.P. rates estimated by the CIT(A) reasonable, with adjustments for specific assessment years. Disallowances under section 43B and of certain expenses were deleted, emphasizing the necessity of proper evidence. The Tribunal's judgment balanced legitimate expenses and income disclosures, directing the AO on recalculations and reasonable G.P. rates. Case-Laws Income Tax Mon, 28 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361322