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2011 (5) TMI 436 - HC - Income TaxDisallowance - Block assessment - Search - Revised return - Undisclosed income - expenditure was incurred during the year in question and even if the bills were not received and they were not ledgerized, he had right to claim the same as deduction, as he was following mercantile system of accounting - AO did not apply his mind at all on this aspect and merely on the ground that the expenditure was not ledgerized, they proceeded on wrong premise that it could be taken care of in the block assessment year - Decided in the favour of the assessee by way of remand It would be open to the AO to go into the veracity/genuineness of the expenditure - If the expenditure is found to be genuine, the same shall be allowed in this assessment year - Decided in the favour of the assessee by way of remand
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