1992 (1) TMI 174

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..... tions made by the ITO. The brief facts of the case are that the assessee is an LIC agent. He had claimed that he had maintained complete details regarding his income and expenditure. The ITO initially completed the assessment under s. 143(1) but made several disallowances out of the expenses claimed by the assessee. The assessee had moved an application under s. 143(2) to reopen the assessment. Ev .....

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..... nting out any particular instance of disallowable expenses. He therefore deleted the entire addition. 2. It had been inter alia, argued by the learned Departmental Representative before us that even according to Board's circular 50 per cent expenses had to be allowed in the first year of business of a particular client whereas in subsequent years the deduction had to be allowed only at. 15 per c .....

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..... on a proper and reasonable basis giving instances to show that the books of account are not correct or complete. We agree with the learned Dy. CIT(A) that in the instant case far from pointing out any specific defects, the ITO has rejected the books merely on his own whims and has also estimated the income according to his own whims rather than any proper basis. We agree with the learned counsel .....

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