https://www.taxtmi.com/caselaws?id=308781 The Tribunal ruled in favor of the assessee on multiple issues. It held that disallowance under section 14A was not justified as no dividend income was received. Foreign travel expenses were allowed as essential for business expansion, with no personal elements. Car expenses disallowed by the AO were overturned due to lack of evidence for personal use. Additional evidences leading to deletion of undisclosed business profits were remanded for proper adjudication. The Tribunal reduced the GP rate on fabric sales, providing relief to the assessee. Overall, the Tribunal carefully analyzed each issue, applying legal provisions to ensure a fair outcome. en-us Wed, 08 Feb 2023 00:00:00 +0530 Thu, 20 Jul 2023 20:35:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308781 The Tribunal ruled in favor of the assessee on multiple issues. It held that disallowance under section 14A was not justified as no dividend income was received. Foreign travel expenses were allowed as essential for business expansion, with no personal elements. Car expenses disallowed by the AO were overturned due to lack of evidence for personal use. Additional evidences leading to deletion of undisclosed business profits were remanded for proper adjudication. The Tribunal reduced the GP rate on fabric sales, providing relief to the assessee. Overall, the Tribunal carefully analyzed each issue, applying legal provisions to ensure a fair outcome. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308781