AO Cannot Reject Books merely for Fall in GP/NP Rates: ITAT Delhi

DCIT Vs D&Y Technologies Pvt. Ltd. (ITAT Delhi) AO Cannot Sit in Businessman’s Chair- Fall in GP/NP Alone No Reason to Reject Books – No Disallowance of Director’s Salary Without Evidence – Tribunal Favors Assessee Assessee is engaged in manufacturing of mobile phone parts. AO observed that remuneration of Rs.15 lakh was paid to Director Ms. Seran Lee, a Korean national. AO disallowed the entire remuneration on the ground that Assessee failed to furnish proof of her professional/academic qualifications & justification for payment. CIT(A) deleted the addition holding that Ms. Se...