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2016 (10) TMI 809 - AT - Income TaxGenuineness of expenditure against professional receipts - 1/6th disallowance out of expenses claimed against professional receipt - Held that:- assessee has not maintained books of accounts and bills and vouchers in respect of the expenses claimed - the claim of the assessee that books of account in respect of expenses claimed against professional receipt were produced before the Assessing Officer is not tenable - the estimate of disallowance of 1/6th of the expenses by the Assessing Officer is reasonable irrespective of the fact whether the same was accepted by the assessee or not. Taking help from new section 44ADA - even after incorporating the disallowances made by the Assessing Officer the profit from profession arrives at around 40.35% of the professional receipt and which is even much below the 50% threshold adopted by the legislature for computing income in case of professional on presumptive basis, therefore, in the facts and circumstances of the case, according to us the disallowance of 1/6th of expenses made by the Assessing Officer is reasonable and no interference on our side is required - Decided against the assessee.
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