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2013 (10) TMI 306 - HC - Income TaxDiscretion of department to prescribe what expenditure the assessee should incur and in what circumstances he should incur the expenses – Held that:- Reliance has been placed upon the judgment in the case of Commissioner of Income Tax, Andhra Pradesh Vs. Dhanrajgirji Raja Narasinghirji reported in [1973 (3) TMI 6 - SUPREME Court] - Maintenance of books of accounts for the assessee and absence of any defect in such record and therefore, it rightly held that merely because in the subsequent year more expenses are incurred by the assessee by making such comparison, disallowance was not justified. Unexplained cash credit u/s 68 of the Income Tax Act – Held that:- Having found complete details of the receipt of share application money, along with the form names and addresses, PAN and other requisite details Revenue found complete absence of the grounds noted for invoking the provision of section 68 of the Income tax Act - Reliance has been placed upon the judgment of Hon’ble Supreme Court in the case of Commissioner of Income Tax. Vs. Lovely Exports (P) Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA] – Decided against the Revenue.
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