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Expenditure incurred as a measure of value addition is to be treated as revenue expenditure
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The appeal emanates from revisional order under sec 263 which struck down by the Tribunal will not survive
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When contractor supply any goods as per specification given and delivered to the Govt. than it will be outside the purview of sec 194 C
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For Assessment under section 143(3) details of creditors is must to show
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P & L Account, Balance Sheet, IT Return Bank Statement and Confirmation from lender is enough to disclose the details of unsecured loan
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Rule 10 says any fact should be supported by affidavit and Rule 29 says additional evidence can be submitted only when Tribunal consider fit
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Non appearance on the date of hearing may cause the appeal dismissed
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In order to apply sec 41 (1) assessee should have obtained deduction in the assessment in any year in respect trading liability incurred by the assessee
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Details must be provided of Interest on loan and the salary paid to partner as prescribed in the Act is allowed whether he is absent at the time of survey
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In case of loan the lender identity must be deposited at assessment and repair expenses of office vehicles are disallowed up to 5% if used partly for personal use
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