Expenditure cannot be disallowed on the submission of proper vouchers and books for the expenses
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated facts of the case are that the assessee company is engaged in the business as builders, building contractors, labour contractors, property developers etc. The return was filed declaring total income at Rs.4,71,330/- on 30.10.2006, which was processed u/s 143(1) of the Income Tax Act, Act, 1961 (in short the Act). However, the case was taken up for scrutiny and the assessment was completed at an income of Rs.32,75,330/- including the addition of out of costs of purchase of land of Rs.17,00,000/- and disallowance of expenses of sale of plot of land Rs.11,04,004, vide order dated 26.12.2008 passed u/s 143(3) of the Act. On appeal, the ld. CIT(A) while agreeing with the views of the AO, confirmed the addition/disallowance made by the AO.
Citation :
Sharp Construction Co.203, Marine Chambers,New Marine Lines,Mumbai-400020.PAN:AACFS4181L APPELLANT V/s Income Tax Officer,Ward 12(2)(3),Aayakar Bhavan,M.K.Road,Mumbai-400020. RESPONDENT
You have reached your daily limit of 2 Free Judgements
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Judgements Access
Already a PRO member? Login here for an ad-free experience.
CS Bijoy
Published in Income Tax
Views : 1799
Comments
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
