9911796707
TMI Blog2013 (3) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs recorded by the AO - Held that:- Section 40A(2) authorizes the authorities under the Act to disallow the deduction, if it is found that such expenditure is excessive or unreasonable. It will be a question of fact in each case whether the expenditure claimed as a deduction is excessive or unreasonable. Though the Assessing Officer has found the expenditure as excessive but not only the CIT (A), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s erred in law in deleting the addition of Rs.32,35,509/- on account of debit note dated 28.02.2004 issued by M/s Essma Textile Pvt. Ltd., Amritsar, which is related to the assessee, u/s 40A(2)(b) of the Income Taxt Act, 1961? (ii) Whether the Hon'ble ITAT has failed to appreciate that the assessee and M/s Essma Textile Pvt. Ltd. of whom the Karta of Suresh Chander Mehra HUF (assessee) is directo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reed mutually. However, the learned Commissioner of Income Tax (Appeals), Amritsar set aside the findings recorded by the Assessing Officer and partly allowed the appeal and found that the transactions of debit note is a genuine transaction and that it does not call for addition to the extent made by the Assessing Officer. The said order has been affirmed by the Tribunal, vide order dated 08.06.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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