https://www.taxtmi.com/caselaws?id=393066 The Tribunal partly allowed the assessee's appeals for AYs 2009-10 and 2010-11, dismissing the Revenue's appeals for both years. The Tribunal upheld the CIT(A)'s decisions, annulling the rejection of books of account under Section 145(3) due to insufficient evidence and disallowing excessive rent payments. It also reversed disallowances on gifts and depreciation on a car, emphasizing the need for consistent treatment of expenses. The Tribunal directed correct computation of carried forward losses and unabsorbed depreciation, allowing MAT credit and treating Project EDEXCEL expenditure as revenue, ensuring fair assessment practices. en-us Fri, 31 Jan 2020 00:00:00 +0530 Thu, 05 Mar 2020 12:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393066 The Tribunal partly allowed the assessee's appeals for AYs 2009-10 and 2010-11, dismissing the Revenue's appeals for both years. The Tribunal upheld the CIT(A)'s decisions, annulling the rejection of books of account under Section 145(3) due to insufficient evidence and disallowing excessive rent payments. It also reversed disallowances on gifts and depreciation on a car, emphasizing the need for consistent treatment of expenses. The Tribunal directed correct computation of carried forward losses and unabsorbed depreciation, allowing MAT credit and treating Project EDEXCEL expenditure as revenue, ensuring fair assessment practices. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393066