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2014 (1) TMI 1483 - ITAT BANGALOREDisallownace of expenses on advertising, traveling, printing and stationery etc - Held that:- These expenses though called provision, actually represents utilization of money and is pending verification/ classification by the Central Payment Unit of the Head Office of the assessee bank - The liability of Rs.82,56,319/- is not a contingent liability as made out by the Assessing Officer, but the liability actually incurred out of the imprest account - Deisallowance was deleted. Amount written off - Held that:- The said expenditure is nothing but bad debts which has been written off in the books of accounts of the assessee and the same is allowable as a deduction u/s 36(1)(vii) of the Act - The wrong classification of the expenditure is immaterial and the same cannot change the nature of the expenditure - Decided against Revenue.
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