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2013 (8) TMI 282 - AT - Income TaxDisallowance of office expenditure - Held that:- there is no agreement about indemnity of expenses as far as Simplex Sport Complex at Ranchi is concerned, which constitutes the major receipt of consultancy fee - assessee, as a businessman, has the liberty to carry on its business in the manner it thinks feasible. The expenditure having been incurred for business purposes cannot be disallowed on ipsi dixit, beyond which the revenue has not been able to make out any further case - expenditure incurred by the assessee being in the course of business has to be allowed. Besides, assessee undertakes that if any recovery of expenditure is made from Reliance or Simplex, the same would be offered to tax, whenever it is received - Following decision of CIT Vs. Walchand & Co. (P) Ltd. [1967 (3) TMI 2 - SUPREME Court] and Sasoon J. David & Co. (P) Ltd. Vs. CIT [1979 (5) TMI 3 - SUPREME Court] - Decided in favour of assessee.
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