Madras HC deleted additions made by AO purely based on estimation without any evidence

INCOME TAX : As per sub-section (3) of section 35D, if aggregate amount of expenditure referred to in sub-section (2) exceeds an amount calculated at 2 ½ per cent of either cost of project or capital employed in business of assessee, excess shall be ignored for purpose of computing deduction allowable under sub-section (1) of section 35D and, therefore, where 2 ½ per cent of Rs. 6614.96 lakhs,INCOME TAX : As per sub-section (3) of section 35D, if aggregate amount of expenditure referred to in sub-section (2) exceeds an amount calculated at 2 ½ per cent of either cost of project or capital employed in business of assessee, excess shall be ignored for purpose of computing deduction allowable under sub-section (1) of section 35D and, therefore, where 2 ½ per cent of Rs. 6614.96 lakhs,www.taxmann.com Latest Case LawsRead More

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