Taxpayer's 7.5% Expense Disallowance Reviewed Due to Missing Documents; Case Sent Back for Further Review.

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Full Text of the Document

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....Ad-hoc disallowance @ 7.5% on trading expenses - failure to submit the documents - As it is highly unlikely that the assessee would intentionally or deliberately not produce the documents before the revenue authorities, as this would cause immense harm to his own interests. Ultimate aim of the assessment by the revenue authorities is to collect correct taxes due from the assessee - Matter remanded back - AT....