Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 1230 - AT - Income TaxAddition towards disallowance of expenses for earning the commission receipts - Held that:- The assessee has not placed necessary evidence for support of the claim. Whenever the assessee incurs any expenditure, it is the duty of the assessee to prove that expenditure was incurred wholly and exclusively for the purpose of business and also the assessee shall produce relevant evidence for the same. Since, the assessee has not produced required evidence, the lower authorities are justified in disallowing the claim of the assessee. - Decided against assessee. Addition towards investment in Spny Stones Pvt. made out of income and savings - Held that:- The assessee has pleaded that the amount was contributed from own capital and reserve and surplus. However, the assessee has not filed a copy of the balance sheet for my consideration. Hence, not in a position to appreciate the argument of the assessee counsel. Accordingly, this issue is remitted back to the file of the Assessing Officer for fresh consideration with a direction to the assessee to file the balance sheet as on 31.03.2007 before the Assessing Officer explaining the investment and the Assessing Officer would decide the issue afresh. - Decided in favour of assessee for statistical purposes.
|