TMI Blog2016 (2) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... iture shall be allowed. Accordingly, we hold that a disallowance of expenditure should be restricted to 50% and balance 50% of expenditure shall be allowed. Accordingly, the ground raised by the assessee is partly allowed. - ITA No. 2700/Mum/2013, ITA No. 2702/Mum/2013, ITA No. 2701/Mum/2013 - - - Dated:- 24-2-2016 - Amit Shukla (Judicial Member) And Rajesh Kumar (Accountant Member) For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) on ad-hoc basis. The Ld. Counsel, Shri Bhupendra Shah, submitted that, the assessee in its profits loss account had debited aggregate amount of expenses of ₹ 2,78,358/-. The income of the assessee has been assessed by applying 0.15% of profit on the total deposits appearing in the bank account. Out of the said income, the expenses aggregating to ₹ 2,78,358/- has been claimed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. 6435-6441/Mum/2012 2 Goldstar Finvest Pvt Ltd. 2699/Mum/2013 887/mum/2012 3 Order of CIT(A)-40 Mumbai Mahasagar Securities Pvt Ltd. -- 4. Ld. DR also admitted that, similar issues have been decided in various orders of the Tribunal. 5. On perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. In the result, appeal of the assessee is partly allowed. 7. Similarly, in AY 2006-07 and 2007-08 also, we restrict the disallowance to 50%. Accordingly, the appeal for the assessment year 2006-07 and 2007-08 are treated as partly allowed. To sum-up: All the impugned appeals stands partly allowed. Order pronounced in the open court on 24th February, 2016. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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