business income

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Rahul (Querist)
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08 October 2008 Q. Whether in an assessment to which presuptive taxation u/s 44AD of Income Tac Act Applies, can AO make addition to income on the basis of admissions made by Assessee in Survey proceedings.

Q. A Practiicng CA go to USA for doing MBA, and he claimed the expenses on trip to USA as well as Expenes on stuides as deduction against his income from Profession. AO disallowed the above expenditure on the ground that MBA was altogether a new qualification, which had no connection with the profession of CA. Discuss

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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09 October 2008 it is allowable exp. you will read case law of ITO Vs.APURVA(P)PATEL(2006)7 SOT 755(MUM-TRIB) IT IS ALLOWABLE EXP

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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11 October 2008 Regarding question-1, I think, depends on the findings during survey.

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