https://www.taxtmi.com/caselaws?id=432427 The High Court overturned the Tribunal's decision regarding the absence of business income for the AY 2012-13, finding it contrary to the appellant's declared business income. The Court deemed the Tribunal's conclusion as arbitrary and unsupported by evidence. Additionally, the Court ruled that the 10% adhoc disallowance of expenditure was unjustified as the appellant's books were not rejected, following a precedent that such disallowances are invalid when proper accounts are maintained. Consequently, the Court allowed the appeals, set aside previous orders, and ruled in favor of the assessee against the Revenue. en-us Mon, 05 Dec 2022 00:00:00 +0530 Thu, 05 Jan 2023 08:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432427 The High Court overturned the Tribunal's decision regarding the absence of business income for the AY 2012-13, finding it contrary to the appellant's declared business income. The Court deemed the Tribunal's conclusion as arbitrary and unsupported by evidence. Additionally, the Court ruled that the 10% adhoc disallowance of expenditure was unjustified as the appellant's books were not rejected, following a precedent that such disallowances are invalid when proper accounts are maintained. Consequently, the Court allowed the appeals, set aside previous orders, and ruled in favor of the assessee against the Revenue. Case-Laws Income Tax Mon, 05 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432427