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2017 (4) TMI 807 - AT - Income TaxDisallowance out of travel expenditure - Held that:- As decided in the assessee’s own case for A.Y. 2009-10 a notice was issued by the AO, but no plausible explanation was tendered by the assessee. Moreover it is incumbent upon the assessee to prove this fact that the said expenditure was incurred upon the employee or incurred for business purpose. Therefore, in such circumstances, the AO has rightly declined the said travelling expenses being not incurred upon the employees of the assessee firm, which has subsequently been confirmed by the learned CIT(A). - Decided against assessee. Set off of Business Loss against LTCG - Held that:- We find that identical issue of set off of business loss against capital gains (whether STCG or LTCG) was considered by the Coordinate Bench in its order in the case of Sumaria Appliance Pvt. Ltd. [2014 (9) TMI 353 - ITAT MUMBAI ] and it was held that the assessee had no option to carry forward business loss to subsequent years without setting off of the same against capital gains arising during the year.- Decided against assessee.
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