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2017 (6) TMI 1309

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..... ls) 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 been reco .....

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..... ssment 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 order of the learned CIT (Appeals), the assessee came in appeal before t .....

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..... her 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 performing its services and hence no disallowance is called for. The .....

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..... e 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 Section 37(1) of the Income Tax Act. In the absence of any specific findin .....

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