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2010 (12) TMI 617 - AT - Income TaxAddition - Undisclosed source - Income escaping assessment - Custom duty on high seas sale - The assessee has only filed confirmation letters but could not Produce the parties to prove that custom duty in respect of 'high seas sales' was paid by the buyers - Prior to 1.4.1999, as per the settled law, when the expenditure is not unlawful or illegal the same was allowable - custom duty being a statutory duty payable by the assessee and it is a business expenditure to the extent of the addition, the same is to be allowed as business expenditure - Decided in favour of the assessee
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