Disalloance of Business Expenditure ::
Last updated: 07 September 2007
Court :
Tribunal
Brief :
Held that no amount can be disallowed on account of estimated personal use of vehicles and telephone by directors and their family members in case of a company. Hence, disallowance of Rs. 1 lacs each from vehicle and telephone expenses was not justified.
Citation :
Hira Steel Ltd Vs. ITO, ward 2(1), Raipur
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CA.Saibaburao Nanduri
Published in Income Tax
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