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64 orders · Page 1 of 2
The Tribunal, considering the nature of the business, estimated the expenses at Rs. 10,000/- per month. This resulted in confirming a disallowance of Rs. 1,20,000/-.
The Tribunal noted a CBDT circular instructing that departmental appeals with a tax effect below Rs. 20 lacs should not be filed or should be withdrawn. Consequently, the appeals were dismissed as not pressed.
The Tribunal deleted the trading addition, finding no justification as the Net Profit rate had increased and the AO had not pointed out defects in the books. The Tribunal also deleted the disallowance of foreign travel expenses, finding them to be for business purposes. The issue of deemed rental income was remanded to the AO to determine the municipal ratable value.