https://www.taxtmi.com/highlights?id=47945 Ad-hoc disallowance of 25% of construction expenses - AO rejected the books of accounts u/s 145 - the income of the assessee should be based on average GP declared by the assessee in the preceding years or the prevailing GP in the same trade or business - disallowance of expenses is not a permissible course of action. en-us Tue, 16 Jul 2019 09:18:53 +0530 Tue, 16 Jul 2019 09:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=47945 Ad-hoc disallowance of 25% of construction expenses - AO rejected the books of accounts u/s 145 - the income of the assessee should be based on average GP declared by the assessee in the preceding years or the prevailing GP in the same trade or business - disallowance of expenses is not a permissible course of action. Highlights Income Tax Tue, 16 Jul 2019 09:18:53 +0530 https://www.taxtmi.com/highlights?id=47945