https://www.taxtmi.com/caselaws?id=431274 The Tribunal partly allowed the appeal by setting aside the disallowance of transfer of funds to sister concerns, upholding the net profit rate at 0.15%. The AO and CIT(A) disallowed expenses and applied a ratio against the income assessed at 0.15%, dismissing the appellant's claim for 50% of expenses. The Tribunal found no illegality in not allowing business expenses against estimated income and rejected the appellant's arguments regarding ITAT judgments. The Tribunal upheld the lower authorities' decisions on expenses without income incurrence and rejected the appellant's claims for re-agitation, ultimately dismissing the appeals. en-us Tue, 29 Nov 2022 00:00:00 +0530 Fri, 09 Dec 2022 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431274 The Tribunal partly allowed the appeal by setting aside the disallowance of transfer of funds to sister concerns, upholding the net profit rate at 0.15%. The AO and CIT(A) disallowed expenses and applied a ratio against the income assessed at 0.15%, dismissing the appellant's claim for 50% of expenses. The Tribunal found no illegality in not allowing business expenses against estimated income and rejected the appellant's arguments regarding ITAT judgments. The Tribunal upheld the lower authorities' decisions on expenses without income incurrence and rejected the appellant's claims for re-agitation, ultimately dismissing the appeals. Case-Laws Income Tax Tue, 29 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431274