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2013 (12) TMI 1199 - AT - Income TaxFall in G.P. Rate – Held that:- AO simply mentioned that all the manufacturing expenses are not verifiable. Keeping in view this fact, we are of the view that it will meet the ends of justice if the addition of Rs.5,00,000/- is sustained instead of addition of Rs.12,61,810/- made by the AO – Partly allowed in favour of assessee. Penal interest on late payment of interest to the bank – Held that:- As per the provisions of Explanation to Section 37(1) of the Act, any expenditure incurred by the assessee for any purpose which is an offence is not allowable - The late payment of interest to the bank is occurred during the normal course of business of the assessee - The expenditure in question is not incurred for any purpose which is an offence within the meaning of Explanation to Section 37(1) – Decided in favour of assessee.
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