https://www.taxtmi.com/caselaws?id=432202 The Tribunal dismissed the appeal of the assessee regarding the addition of Rs. 50,000 made on an estimate basis. It partly allowed the assessee's appeal by reducing the estimation of income at 10% of administrative and export expenses to 5%. The revenue's challenge to the deletion of auxiliary service addition was dismissed. The Tribunal upheld the reduction of disallowance of administrative and other expenses to 5%. It supported the CIT(A)'s decision on the adoption of total income before depreciation. The deletion of addition on account of deemed dividend was upheld. The Tribunal dismissed the revenue's appeal on the treatment of other income. The Tribunal found no violation of Rule 46A of IT Rules. The confirmation of penalty levied u/s.271(1)(c) was deleted, and the penalty was not applicable under section 271AAA. The Tribunal allowed the assessee's appeal on peripheral development and maintenance expenses. en-us Tue, 27 Dec 2022 00:00:00 +0530 Thu, 29 Dec 2022 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432202 The Tribunal dismissed the appeal of the assessee regarding the addition of Rs. 50,000 made on an estimate basis. It partly allowed the assessee's appeal by reducing the estimation of income at 10% of administrative and export expenses to 5%. The revenue's challenge to the deletion of auxiliary service addition was dismissed. The Tribunal upheld the reduction of disallowance of administrative and other expenses to 5%. It supported the CIT(A)'s decision on the adoption of total income before depreciation. The deletion of addition on account of deemed dividend was upheld. The Tribunal dismissed the revenue's appeal on the treatment of other income. The Tribunal found no violation of Rule 46A of IT Rules. The confirmation of penalty levied u/s.271(1)(c) was deleted, and the penalty was not applicable under section 271AAA. The Tribunal allowed the assessee's appeal on peripheral development and maintenance expenses. Case-Laws Income Tax Tue, 27 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432202