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2010 (9) TMI 153 - HC - Income TaxDisallowance - Partners training expenses – proceedings under Section 148 of the Act, the expenditure was disallowed - In the P&L account, the assessee has given a separate item of "partners training expenses not included elsewhere in other heads of expenses - audited copies of P&L account, balance sheet and trading account were duly examined by the A.O. - Held that: - AO has failed to prove and establish that there was failure on the part of the respondent-assessee to disclose fully and truly all material facts necessary for his assessment, present case is not covered by the proviso to Section 147 of the Act - the present appeal being bereft of merit, is dismissed.
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