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TMI Blog2023 (1) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... LANT (BY SHRI. ANNAMALAI, ADVOCATE FOR SHRI. S.V.RAVI SHANKAR, ADVOCATE) RESPONDENT (BY SHRI. M.DILIP, ADVOCATE FOR SHRI. K.V.ARAVIND, SENIOR STANDING COUNSEL) JUDGMENT P.S. DINESH KUMAR J., These two appeals by the assessee have been filed to consider the following questions of law: "1. Whether the Tribunal was justified in holding that there was no business income for the AY 2012-13 withou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the Revenue. 4. Shri Annamalai for the assessee, adverting to Para 11 of the order passed by ITAT (Income Tax Appellate Tribunal), submitted that ITAT has arbitrarily held that there was no business income by the assessee without recording any cogent reasons. 5. With regard to the second question of law namely, disallowance of 10%, Shri Annamalai submitted that the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ish bills and vouchers, Assessing Officer has disallowed 10% of the expenditure. 7. We have carefully considered rival contentions and perused the records. 8. First question is with regard to the finding recorded by the ITAT in Para 11 of its order. ITAT has noted that as per its observations, there was no business income in the present year. Therefore, expenditure could not have been allowed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances, has held thus, "3. In respect of the first item, i.e. expenses for bricks, machinery repair, cartage etc., the A.O. concluded that insufficient evidence was adduced. He, therefore, disallowed 10% of the claim. This was reduced by half by the C.I.T.(Appeals). The ITAT gave two reasons to set aside the findings of the A.O. - C.I.T.(Appeals). Firstly, that the books of account were n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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