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2023 (1) TMI 174 - HC - Income TaxIncome chargeable under the head "Business and profession" - ITAT noted that as per its observations, there was no business income in the present year, therefore, expenditure could not have been allowed in that year - HELD THAT:- In our view, the finding recorded by the ITAT is contrary to record and hence, perverse. So far as the deduction of 10% of expenditure is concerned, AO has recorded that authorized representative of the assessee was not able to establish all bills and vouchers. Accordingly, he has made adhoc deduction of 10% of the expenditure. The assessee's books of accounts have not been rejected and the deduction is made on adhoc basis. Questions of law is answered in favour of the assessee.
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