Additions towards unrecorded expenditure - A.O. has disallowed ...

Case Laws Income Tax

January 3, 2023

Additions towards unrecorded expenditure - A.O. has disallowed the said expenditure in Note 26 foreign currency transactions, pertaining to purchase of shooting equipment. - As the assessee was unable to furnish any documents or breakup of the said expenses, the A.O. rejected the assessee’s submission that the import transaction has been disclosed in the books of accounts of the assessee and was, therefore, treated as ‘unexplained expenditure’. The assessee has failed to substantiate its claim - Additions confirmed - AT

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Additions towards unrecorded expenditure - A.O. has disallowed ...

Case Laws Income Tax

January 3, 2023

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