2007 (12) TMI 561 - HC - Income Tax

Summary

The Delhi High Court upheld the decision of the Income-tax Appellate Tribunal to disallow a portion of expenses claimed by the assessee for the assessment year 2001-02. The Assessing Officer disallowed Rs. 53,08,815 of expenses related to employees' salaries and benefits and office expenses, citing the significant rental income earned by the assessee. The Commissioner of Income-tax (Appeals) and the Tribunal both agreed that the disallowance was based on surmises and conjectures, with no substantial question of law arising.