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2017 (4) TMI 907 - AT - Income TaxDisallowance out of Business Promotion and Misc. Expenses claimed - Held that:- The assessee was not able to furnish the relevant details and supporting documents evidences in respect of the claim of the aforementioned expenses before the Assessing Officer (‘AO’) in the course of assessment proceedings. We find from the record that even in appellant proceedings, and also before us, except for raising the ground, the assessee was not able to bring on record any material evidence to establish the claim of the aforementioned expenses. In this view of the matter, we find that the disallowance made by the AO of 10% of the aforementioned expenses to be reasonable in the factual matrix of the case and consequently uphold the same. - Decided against assessee. Addition u/s 41(1) - Held that:- We are of the opinion that the authorities below have not brought on record any evidence or material, including statements of creditors, etc. to show that the debts owed to them have been extinguished or that there was remission or cessation of liability, despite the extension of the period of limitation by acknowledgement of the creditors in the assessee’s balance sheet as on 31/03/2007. We, therefore, hold that the addition of ₹ 10,38,403/- upheld by the Ld. CIT(A) is not sustainable and direct the A.O to delete the same. See CIT vs. Sugauli Sugar Works (P) Ltd.(1999 (2) TMI 5 - SUPREME Court ) - Decided against revenue.
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