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| The Tax Publishers2021 TaxPub(DT) 0847 (Agra-Trib) INCOME TAX ACT, 1961
Section 37(1)
Where in respect of ad-hoc disallowance @ 7.5% on trading expenses on account of failure to submit document, assessee had shown the reasonable cause for non-submission of said documents, in the interest of substantial justice, matter was remanded to CIT(A) for consideration afresh.
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Business expenditure - Ad hoc disallowance - Failure to submit documents on trading expenses -
Assessee filed appeal against the order of CIT(A) confirming ad-hoc disallowance @ 7.5% on trading expenses on account of failure to submit documents. Held: CIT(A) decided the case of the assessee on the basis of the material available on record and had not considered the past or subsequent year history of the profit earned by the assessee. Assessee had shown the reasonable cause for non-submission of documents before the CIT(A) as well as before AO. Taking into account the facts and circumstances of the matter and in the interest of substantial justice, the plea of assessee for sending back the matter to the file of CIT(A) was concurred with.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2014-15
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