https://www.taxtmi.com/caselaws?id=411187 The Tribunal partially allowed both appeals, restricting the disallowance of professional expenses to 10% of the amount claimed by the Assessee. The Tribunal found that the Assessing Officer and CIT(A) failed to establish the expenses as excessive or unreasonable, noting the lack of evidence supporting the disallowance. The decision highlighted the absence of comparable market rates and inconsistencies in the reasoning provided by the lower authorities, leading to the grant of partial relief to the Assessee. en-us Mon, 16 Aug 2021 00:00:00 +0530 Thu, 16 Sep 2021 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411187 The Tribunal partially allowed both appeals, restricting the disallowance of professional expenses to 10% of the amount claimed by the Assessee. The Tribunal found that the Assessing Officer and CIT(A) failed to establish the expenses as excessive or unreasonable, noting the lack of evidence supporting the disallowance. The decision highlighted the absence of comparable market rates and inconsistencies in the reasoning provided by the lower authorities, leading to the grant of partial relief to the Assessee. Case-Laws Income Tax Mon, 16 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411187