2024 (8) TMI 430

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....Sr. DR. ORDER PER SAKTIJIT DEY, VP : This appeal by the Assessee is against the order dated 29.08.2019 of Learned Commissioner of Income Tax (Appeals)-I, New Delhi for assessment year 2015-16. 2. The dispute in the present appeal is confined to disallowance of certain expenses. 3. Briefly stated, facts are, the assessee is a resident corporate entity engaged in construction business....

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....1,89,124/- - Administrative expenses Rs. 5,21,64,328/- 3.1 In the absence of any response from the assessee, the AO ultimately disallowed 50% out of the aforesaid expenses, resulting in addition amounting to Rs. 4,01,14,226/-. Assessee contested the aforesaid addition before Ld. First Appellate Authority. In course of proceedings before Ld. First Appellate Authority, assessee furnished ce....

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....nly to the applicability of the rate of disallowance at 20%. She submitted that since the assessee is in construction business, the rate of profit would be far less, hence, the disallowance made at 20% is unreasonable. Whereas Ld. Departmental Representative strongly relied upon the order of Ld. First Appellate Authority. 5. We have considered rival submissions and perused the material availabl....