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TMI Blog2016 (11) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is either unreasonable or excessive. No comparative data has been examined. No evidence there too was produced as to how such business allowance are to be made. In view of the above, it would be in the interest of justice that the matter should be re-examined again after giving opportunity of hearing to the parties and fixing date in the matter. The matter be decided having regard to the above quoted sections 40 A (1) and (2) of the Income Tax Act within three months from the date of production of a certified copy of this order before the Tribunal. - Income Tax Appeal No. 377 of 2008, Income Tax Appeal No. 42 of 2009 - - - Dated:- 18-11-2016 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions and conjectures and or whims and fancies and not on any cogent material, evidence or reasoning. The case on facts is that the appellant had a proprietorship business/shop in the name of Prashant Medical Stores and the business was obviously for the selling of medicines. This shop was situated in the space provided by M/s. Ratan Cancer Hospital. The shop began to run from 16.4.2003. It was the first years of its business. The assessee claims of expenditure at the rate of 15 % but certain claim, which was less than 5% was provided by the assessing officer. Commissioner of the Income Tax Tribunal increased it to 5% and thereafter the tribunal increased it to 10% Learned counsel for the assessee sought to argue that the tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction referred to in section 92 BA if such transaction is at arm's length price as defined in clause (ii) of section 92F (b) The persons referred to in clause (a) are the following, namely:? (i) where the assessee is an individual - any relative of the assessee; (ii) where the assessee is a company, firm, association of persons or Hindu un-divided family - any director of the company, partner of the firm, or member of the association or family, or any relative of such director, partner or member; (iii) any individual who has a substantial interest in the business or profession of the assessee, or any relative of such individual; (iv) a company, firm, association of persons or Hindu undivided family having a subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) carrying not less than twenty per cent of the voting power; and (b) in any other case, such person is, at any time during the previous year, beneficially entitled to not less than twenty per cent of the profits of such business or profession. The arguments is that in order to turn down the claim for expenditure the demand of the above quoted Section 40 (1) and (2) of the Income Tax Act should have been met with and reasons should have been supplied. No reason has been supplied for turn down the claim at 15%. The arguments is also that dis-allowance would have been such expenditure, which is excessive ..... X X X X Extracts X X X X X X X X Extracts X X X X
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