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2013 (12) TMI 1407 - ITAT KOLKATADisallowance u/s 37(1) – Held that:- The AO has only disallowed these expenditures because he is of the view that such expenditure need not be incurred when the assessee has income assessable as per the provisions of section 48 of the Act - The assessee is a company and the expenditure was required to be incurred as the company had to maintain its staff and office as also the management fees had to be incurred in respect of various investments that the assessee did in the course of its business - The ld. CIT(A) has considered the fact that the assesee is an investor and is in the business of making investments the income from some of which are exempt from tax – Decided against Revenue.
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