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2003 (9) TMI 40 - JHARKHAND HIGH COURTBusiness expenditure - Assessee had admitted that the substantial amounts relating to the relevant accounting years had, in fact, been received by the assessee from the Animal Husbandry Department - The assessee is in business. Payments were received in the course of its business, against bills for supply of cattle-feed and other things to the Animal Husbandry Department. Therefore, there cannot be any doubt that this is the income of the assessee - The only plea of the assessee was that the entire amount could not be treated as its income since a substantial part of it, up to 80 to 90 % had to be distributed among the officers of the Animal Husbandry Department and others by way of bribe or illegal gratification – Held that assessing authority was justified in taking the view that the assessee having admitted the receipt of the amount and having failed to prove the expenditure as claimed by it, the entire amount was liable to be assessed at the hands of the assessee
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