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2014 (1) TMI 1725 - AT - Income TaxDisallowance of business expenditure - Held that:- In the present case, the facts involved are similar to the facts involved in the case of M/s. Shreeshay Engg. Pvt. Ltd. Vs. ACIT(2014 (1) TMI 876 - ITAT MUMBAI) as is evident from the relevant portion of the Tribunal’s order passed in that case and this position is not disputed even by the learned DR. As in the case of M/s. Shreeshay Engg. Pvt. Ltd., the assessee in the present case has also furnished the relevant details of expenses incurred prior to survey and after the survey at page No.81 of his paper book 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 at page 26 of the paper book 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. Thus 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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