Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Revenue appeal dismissed; taxpayer's assessments upheld, rejects presumptive taxation under s.44AD, sustains individual adjudication and allows ss.80HH/80I deductions

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT upholds the CIT(A) order in favour of the assessee and dismisses the Revenue's appeal. The Tribunal found that the AO, having himself made specific additions and disallowances after rejecting books, could not compel application of presumptive taxation under s.44AD; CIT(A)'s individual adjudication of each addition/disallowance is sustained. Deductions under ss.80HH/80I are allowed on the evidence furnished. Disallowances relating to manufacturing expenses, interest, unexplained investment in plant & machinery and many administrative/selling expenses are deleted or reduced (administrative/selling expenses restricted to one-tenth where appropriate). 100% depreciation on kegs is permitted. Grounds 1 and 2 of the Revenue are dismissed on merits.....