Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 1217 - AT - Income TaxDisallowance of 10% of expenses on account of speed money paid to dock labourers - assessee has submitted that all the bills and vouchers were furnished by the assessee before the Assessing Officer and further that the books of accounts of the assessee have not been rejected that even the ld. CIT(A) has also accepted this fact that in the line of business of the assessee, the certain additional payments are required to be made to the dock labourers for speedy work - HELD THAT:- Taking into consideration the facts and circumstances of the case, 10% of the total expenditure claimed in each assessment year would make a reasonable disallowance. Assessee has agreed in the open court for disallowance of 10% of the total expenses on account of speed money paid to dock labourers in each of the assessment year. We accordingly restrict the disallowance to the 10% of the total expenditure claimed in each of the assessment years of the total expenditure paid as speed money to dock labourers. However, it is made clear that out above order will not affect the disallowance made by the Assessing Officer in respect of illegal speed money paid to certain officers/authorities which has been agreed to by the assessee even before the CIT(A). However, it is also made clear that our above order will not be taken as precedent for any other assessment year.
|