https://www.taxtmi.com/caselaws?id=55245 The Tribunal partly allowed the appeal, canceling or reducing various disallowances and additions made by the Assessing Officer. The disallowance of Rs. 10,253 under section 40A(2) was canceled due to lack of evidence of excessive payment. The addition of Rs. 21,98,898 for low yield was reduced to Rs. 2,92,480 considering misappropriated material. The computation of book profit under section 115J was upheld. Disallowances for Diwali gifts, motor car expenses, staff welfare expenses, and telephone expenses were canceled due to lack of justification. The initiation of penalty proceedings under section 271(1)(c) was upheld. en-us Wed, 27 Apr 1994 00:00:00 +0530 Wed, 24 Nov 2010 18:09:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55245 The Tribunal partly allowed the appeal, canceling or reducing various disallowances and additions made by the Assessing Officer. The disallowance of Rs. 10,253 under section 40A(2) was canceled due to lack of evidence of excessive payment. The addition of Rs. 21,98,898 for low yield was reduced to Rs. 2,92,480 considering misappropriated material. The computation of book profit under section 115J was upheld. Disallowances for Diwali gifts, motor car expenses, staff welfare expenses, and telephone expenses were canceled due to lack of justification. The initiation of penalty proceedings under section 271(1)(c) was upheld. Case-Laws Income Tax Wed, 27 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55245