1982 (6) TMI 87

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..... during the year under appeal received Rs. 1,73,815 from Gujarat State Government Electricity Board in the name of his proprietary concern M/s Chemical Steel Construction Co. as the Indian Agent of M/s Babcock Wilcox Co., U.S.A. The above amount was deposited in the Park Street Branch of the State Bank of India. The assessee claimed monthly expenses of Rs. 7,000 against the above receipt. The .....

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..... nderstood if the assessee had been able to produce even a rough account together with the supporting vouchers-the total absence of any accounts or vouchers leads one to conclude that there were no such expenses specially as the assessee had kept proper details of another business carried on by him. Shri Mandal has referred to the fact that there was no apparent anomaly or error in the Income-tax O .....

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..... O was neither erroneous nor prejudicial to the interests of the revenue and hence, the order of the CIT should be satisfied. Shri Ajit Sengupta, the Standing Counsel, on the other hand, stated that the ITO allowed 90% of the expenses without verifying the claim of the assessee. The expenses should only be allowed if they had been incurred and more so for the purposes of the business of the assesse .....

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