https://www.taxtmi.com/caselaws?id=466495 Revision under tax assessment challenged the denial of tax incentive deductions and several disallowances. Tribunal accepted that documentary purchase records and physical existence of plant and machinery satisfied conditions for incentive deductions, and found survey statements uncorroborated, so the deduction claim was sustained. The tribunal held no allocation-based disallowance for investment income where own funds exceeded investments, deleting the interest disallowance. For alleged bogus accommodation purchases, the tribunal directed a proportional disallowance using the previously applied gross profit ratio of 12%. The revision order initiating reassessment was set aside and the assessee appeal allowed. en-us Thu, 14 Jul 2022 00:00:00 +0530 Tue, 10 Feb 2026 19:01:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466495 Revision under tax assessment challenged the denial of tax incentive deductions and several disallowances. Tribunal accepted that documentary purchase records and physical existence of plant and machinery satisfied conditions for incentive deductions, and found survey statements uncorroborated, so the deduction claim was sustained. The tribunal held no allocation-based disallowance for investment income where own funds exceeded investments, deleting the interest disallowance. For alleged bogus accommodation purchases, the tribunal directed a proportional disallowance using the previously applied gross profit ratio of 12%. The revision order initiating reassessment was set aside and the assessee appeal allowed. Case-Laws Income Tax Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466495