Court Finds No Excessive Expenditure u/s 40A(2)(b) Due to Low Profit Margin on Rs. 103 Crore Turnover.

Excessive expenditure u/s 40A(2)(b) - the net profit amounted to only 0.13% of a massive turnover of about ₹ 103 crores. On such a premise, the conclusion that the expenses incurred were excessive or unreasonable could not have been arrived at. - HC .....

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