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2013 (10) TMI 1383 - ITAT AHMEDABADDeemed income from house property on estimate basis only - Held that:- We have noted the decision of Hon’ble Calcutta High Court pronounced in the case of Prodip Kumar Bothra[2011 (7) TMI 31 - CALCUTTA HIGH COURT ] came to the conclusion that the assessee cannot pray for exclusion of the income of the property occupied by a partnership firm. The Hon’ble Court has expressed the view in favour of the Revenue and held that by operation of Section 22 of IT Act income from house property is chargeable in the hands of the assessee. Resultantly, the view expressed by the Revenue Authorities is hereby affirmed and this ground of the assessee is dismissed. Dis allowance of expenses incurred wholly and exclusively for earning taxable income - Held that:- 70% of the expenditure was disallowed by the AO which appeared to be towards higher side in a situation when one estimate is to be pitted against another estimate; than it is reasonable to adopt a fair estimate. Considering the nature of the business of a tax payer, we therefore direct that 50% of the expenditure is to be allowed and, therefore, the balance 50% shall be disallowed. In this manner, the assessee shall get part relief in respect of disallowance made by the AO.
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