https://www.taxtmi.com/caselaws?id=384662 The court ruled in favor of the assessee, dismissing the appeal brought by the Revenue. The primary issue concerned the disallowance under section 40(a)(ia) of the Income Tax Act, 1961, with the court finding the ITAT's decision to delete the disallowance as legally sound. Additionally, the court affirmed the jurisdiction of the Assessing Officer and the Commissioner of Income Tax, emphasizing that once profits are estimated and books of accounts rejected, further deductions are not allowable. The judgment underscored the importance of statutory provisions and judicial precedents in interpreting tax laws, settling key legal questions against the Revenue. en-us Fri, 09 Aug 2019 00:00:00 +0530 Mon, 19 Aug 2019 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384662 The court ruled in favor of the assessee, dismissing the appeal brought by the Revenue. The primary issue concerned the disallowance under section 40(a)(ia) of the Income Tax Act, 1961, with the court finding the ITAT's decision to delete the disallowance as legally sound. Additionally, the court affirmed the jurisdiction of the Assessing Officer and the Commissioner of Income Tax, emphasizing that once profits are estimated and books of accounts rejected, further deductions are not allowable. The judgment underscored the importance of statutory provisions and judicial precedents in interpreting tax laws, settling key legal questions against the Revenue. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384662