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2014 (1) TMI 1716 - ITAT MUMBAIAllowable business expenditure - Held that:- As the assessee in the present case has furnished the relevant details of expenses incurred prior to survey and after the survey which clearly shows that the expenses incurred during the post survey period are regular business expenditure which mainly includes provision made for depreciation and interest on the last date of the previous year. The assessee has also filed the profit and loss account for the year under consideration which clearly shows that the income of ₹ 50 lacs surrendered during the course of survey was separately declared as its income by the assessee and the routine business expenses including the expenses in question incurred during the post survey period were debited to profit and loss account. The issue involved in the present case as well as all the material facts relevant thereto thus are similar to the case of M/s. Shreeshay Engg. Pvt. Ltd. (2014 (1) TMI 876 - ITAT MUMBAI) and respectfully following the decision of the coordinate bench of this Tribunal rendered in the said case, we set aside the impugned order of the learned CIT(A) on this issue and restore the matter to the file of the AO with a direction considered and allow the claim of the assessee for the impugned expenses as regular business expenses on merit after necessary verification.
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