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2018 (8) TMI 715

scharge his personal guarantee. - He entered into One Time Settlement with the bankers and paid up the agreed amount - Held that:- The discharge of that liability was claimed by him to be business expenditure in relation to subsequent income generated through legal profession. In our opinion, such claim is clearly inadmissible. The kind of expenditure which a legal professional can legitimately an .....

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ITAT fell into error in not allowing the expenditure claimed under Section 37 of the Act. The assessee had claimed ₹ 39,01,750/- as litigation/settlement expenses. The facts are that the appellant was managing director of M/s Indian Magnetics Limited, which had obtained substantial advances from a consortium of banks and Financial Institutions, for which he stood personal guarantee in his c .....

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ioner of Income Tax 336 ITR 26. It is urged on behalf of the assessee that if the litigation expenses claimed under Section 37 of the Act were not paid it would have been impossible for him to carry on his profession as an advocate and that in these circumstances, the amount was wholly and exclusively laid out for business. He also cited Shanti Bhushan (supra) to say that there could be circumstan .....

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an claim. Moreover, the commonality sought to be urged, i.e. the persona of the assessee that obscures the fact is that the hat donned by the assessee in the past was of a business entrepreneur whereas he is now a legal professional; crossing of line is impermissible as the law stands today. For these reasons, the Court is of the opinion that no substantial question of law arises. Appeal is dismis .....

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