9911796707
TMI Blog2013 (12) TMI 1407X X X X Extracts X X X X X X X X Extracts X X X X ..... o be incurred as the company had to maintain its staff and office as also the management fees had to be incurred in respect of various investments that the assessee did in the course of its business - The ld. CIT(A) has considered the fact that the assesee is an investor and is in the business of making investments the income from some of which are exempt from tax – Decided against Revenue. - ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee u/s 37(1) of I.T.Act. Whereas AO was correct by disallowing entire expense of various heads. 3. That the appellant crave leave to add, modify and/or rescind any of the ground(s) of appeal at the time of hearing of the case." 3. Shri Ashok Kumar Dey, Sr.DR represented on behalf of the Revenue and Shri H.V.Bhardwaj, ACA represented on behalf of the assessee. 4. It was submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. AR submitted that the assessee was a non banking finance company (NBFC). It was the submission that the assessee is a company and the expenditure was required to be incurred as the company had to maintain its staff and office as also the management fees had to be incurred in respect of various investments that the assessee did in the course of its business. It was the submission that the ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. Whether the expenditure incurred is reasonable can be verified provided the AO is able to show that on comparative cases such expenditure is excessive. These are not the issues in the present appeal. A perusal of the order of the ld. CIT(A) shows that the ld. CIT(A) has deleted the expenditures disallowed by the AO on adhoc basis. However, as the assessee has not filed the appeal ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
