https://www.taxtmi.com/caselaws?id=759319 ITAT Delhi dismissed revenue's appeal regarding section 24(b) deduction disallowance, upholding CIT(A)'s finding that inspector's report from 2011 couldn't determine 2008-09 occupancy status. For GP rate estimation, tribunal partly allowed revenue's appeal, directing AO to sustain 1.5% additional GP on trading sales due to inadequate cash discount records. TDS disallowance under section 40(a)(ia) was dismissed as payments were within prescribed limits. Freight expenses and auditor fee disallowances were partly allowed, with auditor fee deletion based on retrospective application principle. Cash payment additions under section 40A were allowed for statistical purposes with direction to verify payment occasions. Both penalties under sections 271(1)(c) and 140A(3) were deleted, tribunal finding no justification for penalty levy given reasonable cause shown by assessee. en-us Wed, 11 Sep 2024 00:00:00 +0530 Fri, 27 Sep 2024 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759319 ITAT Delhi dismissed revenue's appeal regarding section 24(b) deduction disallowance, upholding CIT(A)'s finding that inspector's report from 2011 couldn't determine 2008-09 occupancy status. For GP rate estimation, tribunal partly allowed revenue's appeal, directing AO to sustain 1.5% additional GP on trading sales due to inadequate cash discount records. TDS disallowance under section 40(a)(ia) was dismissed as payments were within prescribed limits. Freight expenses and auditor fee disallowances were partly allowed, with auditor fee deletion based on retrospective application principle. Cash payment additions under section 40A were allowed for statistical purposes with direction to verify payment occasions. Both penalties under sections 271(1)(c) and 140A(3) were deleted, tribunal finding no justification for penalty levy given reasonable cause shown by assessee. Case-Laws Income Tax Wed, 11 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759319