9911796707
TMI Blog2017 (10) TMI 1666X X X X Extracts X X X X X X X X Extracts X X X X ..... . Sridhar, Adv., represented on behalf of the assessee. 3. It was submitted by the Ld.AR that the assessee is a Chartered Accountant who is a Partner in M/s. CNGSN & Associates as also in M/s. Geeth Finance & Investments, M/s.G.F. Securities and M/s. GK Holdings. The assessee had received salary income and share of income from the partnership firm M/s. CNGSN & Associates. It was a submission that the assessee when filing his return had claimed expenses to an extent of Rs. 48,09,817.64 against the salary income and the other incomes earned by him. It was a submission that the assessee being a partner in the firms as per the provisions of Sec. 28(v), the assessee had offered his income under the head profits and gains of the business an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deleted. 4. In reply, the Ld. DR submitted that the provisions of Sec. 28(v) was a deeming provision and the expenses were not for the purpose of earning the income which has been assessed by applying Sec. 28(v). It was a submission that the order of the Ld. CIT (A) was liable to be confirmed. 5. We have considered the rival submissions. At the outset, it has to be noticed that the Revenue has not challenged the fact that papers which have been submitted in the Paper Books were not produced before the AO or the Ld. CIT(A). The Paper Book contains the proof of various expenses which have been claimed. Some of the payments pertain to various clubs, the vouchers in respect of the books and periodicals, payments have been made by a credit ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profession then the assessee is entitled to claim any expenses which he has incurred for the purpose of earning such income. The AO has taken a stand that the expenses were not for the purpose of earning income. The AO has held certain expenses in respect of Ladies Club to be personal in nature. Further, in the course of the assessment, the assessee himself has volunteered for disallowance of 25% of the expenses to be disallowed. In these circumstances, considering the fact that the assessee is a Chartered Accountant and professional, the requirement of his having to entertain clients at clubs and travel for his business requirements. We are of the view that it cannot be held that all the club expenses are personal in nature. The bank char ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
