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2017 (6) TMI 1309

..... e has been made by the Assessing Officer merely on estimate basis CIT (Appeals) has also confirmed the same holding that the entire expenses are not admissible as per the provisions of Section 37(1) of the Act. Disallowance has been made merely by indulging into surmises. The appellant has been maintaining regular books of accounts. These books of accounts have been audited. None of the authoritie .....

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..... of income declaring total income of ₹ 4,86,96,900/-. The assessment was computed by the Assessing Officer at an income of ₹ 4,96,50,012/- after making the following additions :- (i) Interest on Loan expenditure : ₹ 5,11,832/- (ii) Telephone expenses, vehicle maintenance expenditure : ₹ 2,47,906/- (iii) Business promotion expenses : ₹ 93,374/- 2. Aggrieved by the orde .....

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..... of the expenditure recorded in the books of account. 3.1 It was further contented that the learned Assessing Officer has disallowed the expenditure by indulging into surmises and conjecture and merely on estimation. The appellant is a law firm which has engaged a number of lawyers and personnel to provide the services in the area of corporate litigation and these expenses have been incurred while .....

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..... nses are not admissible as per the provisions of Section 37(1) of the Act. The disallowance has been made merely by indulging into surmises. The appellant has been maintaining regular books of accounts. These books of accounts have been audited. None of the authorities below have given any instance of the personal expenditure having been recorded or any expenditure not being allowable under Sectio .....

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