https://www.taxtmi.com/caselaws?id=768302 The HC upheld the assessee's method of calculating deductions under Section 36(1)(viii) of the Income Tax Act despite not maintaining separate accounts for eligible business. The Court found that estimating expenses by applying the ratio of total business expenses to income was reasonable when accounts showed gross income and expenditure for the entire business. The HC rejected Revenue's argument that absence of separate accounting could lead to inaccuracies, ruling that the proportional estimation method was justified and aligned with statutory objectives. The appeal was dismissed with questions of law answered in favor of the assessee. en-us Mon, 27 Jan 2025 00:00:00 +0530 Fri, 04 Apr 2025 07:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768302 The HC upheld the assessee's method of calculating deductions under Section 36(1)(viii) of the Income Tax Act despite not maintaining separate accounts for eligible business. The Court found that estimating expenses by applying the ratio of total business expenses to income was reasonable when accounts showed gross income and expenditure for the entire business. The HC rejected Revenue's argument that absence of separate accounting could lead to inaccuracies, ruling that the proportional estimation method was justified and aligned with statutory objectives. The appeal was dismissed with questions of law answered in favor of the assessee. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768302