https://www.taxtmi.com/caselaws?id=756726 The ITAT partly allowed the appellant's appeal, reducing the disallowance rate for purchases and administrative expenses to 5% for the assessment year 2015-16. Initially, the AO had disallowed 50% of expenses due to non-compliance, which was reduced to 20% by the First Appellate Authority. The ITAT found the 20% rate unreasonable considering the appellant's construction business, thus lowering it to 5%. The decision was pronounced on 6th August 2024. en-us Tue, 06 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 09:10:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756726 The ITAT partly allowed the appellant's appeal, reducing the disallowance rate for purchases and administrative expenses to 5% for the assessment year 2015-16. Initially, the AO had disallowed 50% of expenses due to non-compliance, which was reduced to 20% by the First Appellate Authority. The ITAT found the 20% rate unreasonable considering the appellant's construction business, thus lowering it to 5%. The decision was pronounced on 6th August 2024. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756726