Expenditure cannot be disallowed on the submission of proper vouchers and books for the expenses
Last updated: 05 March 2012
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
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CS Bijoy
Published in Income Tax
Views : 1799
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