TMI Blog2017 (6) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) 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 authorities below have given any instance of the personal expenditure having be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn 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) Te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowances. All these expenses have been incurred wholly and exclusively for the purposes of the business. The assessee is maintaining regular books of accounts. These books of account have been audited and tax audit report has also been filed. The auditor has also certified that there is no personal element in any of the expenditure recorded in the books of account. 3.1 It was furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05.2014]. 3.2 In reply, the learned Sr. DR relied upon the orders passed by the lower authorities. 3.3 We have considered the rival submissions and perused the record. On going through the same we note that the disallowance has been made by the Assessing Officer merely on estimate basis. The learned CIT (Appeals) has also confirmed the same holding that the entire expenses are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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