Entire Books Cannot Be Rejected for One Unproved Expense: ITAT Ahmedabad

Bushra Saif Shaikh Vs DCIT (ITAT Ahmedabad) The Ahmedabad ITAT allowed the assessee’s appeal for statistical purposes by setting aside the impugned order and restoring the matter to the Assessing Officer for fresh examination. The assessee, engaged in branding, marketing and advertising, had claimed business promotion expenses of ₹7,32,37,692. During scrutiny, the Assessing Officer rejected the books of account under Section 145(3), estimated profit by applying an 8% net profit rate, and noted that TDS evidence under Section 194C was furnished only for part of the expenditure, though no se...