https://www.taxtmi.com/caselaws?id=750762 ITAT Mumbai dismissed Revenue's appeal challenging CIT(A)'s deletion of 10% adhoc disallowance on various expenses. AO made disallowance without rejecting audited books of account maintained under section 44AB. CIT(A) examined bills, vouchers, balance sheet, tax audit report, and bank statements for assessee with Rs. 600 crores turnover, finding expenses legitimate and comparable with previous years' trading results. ITAT held adhoc disallowance unsustainable when audited books not rejected, following R.G. Buildwell Engineers Ltd SC precedent. CIT(A)'s decision upheld as valid. en-us Wed, 27 Mar 2024 00:00:00 +0530 Thu, 28 Mar 2024 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750762 ITAT Mumbai dismissed Revenue's appeal challenging CIT(A)'s deletion of 10% adhoc disallowance on various expenses. AO made disallowance without rejecting audited books of account maintained under section 44AB. CIT(A) examined bills, vouchers, balance sheet, tax audit report, and bank statements for assessee with Rs. 600 crores turnover, finding expenses legitimate and comparable with previous years' trading results. ITAT held adhoc disallowance unsustainable when audited books not rejected, following R.G. Buildwell Engineers Ltd SC precedent. CIT(A)'s decision upheld as valid. Case-Laws Income Tax Wed, 27 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750762