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Income Tax - Highlights / Catch Notes

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Income Tax - Bogus deduction u/s. 35(1)(ii) - party to whom payment made...

Income Tax
11-11-2021

Bogus deduction u/s. 35(1)(ii) - party to whom payment made has been made found to be bogus entity - The payee was duly approved when the payment was done. By no stretch of imagination it can be said that the assessee could have done the impossible and known that subsequently the approval will be withdrawn. Accordingly,we set aside the order of authorities below. The assessee is therefore held to be eligible for deduction under section 35(1)(ii) - AT

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