https://www.taxtmi.com/caselaws?id=751745 ITAT Raipur dismissed revenue's appeal regarding suppressed gross receipts from banquet bookings discovered during survey proceedings. The tribunal upheld CIT(Appeals) decision that only profit element embedded in unaccounted receipts should be taxed, not entire receipt amount. Court noted AO inconsistently accepted similar profit element treatment for subsequent assessment year 2018-19 but rejected it for 2017-18. Tribunal also dismissed revenue's challenge to deletion of 10% ad-hoc expenditure disallowance, finding AO failed to demonstrate expenses didn't satisfy Section 37 requirements. Appeal decided in favor of assessee. en-us Fri, 19 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751745 ITAT Raipur dismissed revenue's appeal regarding suppressed gross receipts from banquet bookings discovered during survey proceedings. The tribunal upheld CIT(Appeals) decision that only profit element embedded in unaccounted receipts should be taxed, not entire receipt amount. Court noted AO inconsistently accepted similar profit element treatment for subsequent assessment year 2018-19 but rejected it for 2017-18. Tribunal also dismissed revenue's challenge to deletion of 10% ad-hoc expenditure disallowance, finding AO failed to demonstrate expenses didn't satisfy Section 37 requirements. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751745