Tribunal held that considering the nature of business being Distributor of milk products, profit margin being very less, the AO is directed to disallow 4 percent of cash expenses. (AY. 2008-09 2010-11 to 2013-14)
ITO v. K. Murugan (2023) 37 NYPTTJ 861 / (2024) 227 TTJ 121 / 233 DTR 72 (Chennai)(Trib)
S.37(1): Business expenditure-Cash payments-Distributor of milk products-The AO is directed to disallow 4 percent of cash expenses.