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2009 (7) TMI 34 - MADRAS HIGH COURTDeduction Reversal of Income – Earlier the assessee has booked the income on accrual basis – later the agreement and contract was cancelled – Accordingly assessee has reversed the income by way of entries in books of account – AO has denied the deduction on account of reversal of Income which was confirmed by the CIT(A) and ITAT – HC also upheld the view on the ground of issue of fact, since the assessee failed to prove documentary evidence – On the issue of allowance of interest pertaining for the Year 2001-02 but deduction was claimed in the year 2002-03, HC uphold the decision of lower authority in which AO has disallowed the deduction of interest during the year 2002-03
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