Adhoc disallowance of expenses deemed improper as assessee did ...

Genuine business expenses, loans & cash deposits upheld; Unexplained additions rejected.

Case Laws Income Tax

August 27, 2024

Adhoc disallowance of expenses deemed improper as assessee did not claim any expenditure. Unsecured loan from sister concern treated as genuine despite lack of creditor bank statements, as assessee provided relevant data. Cash deposits explained by share application money and cash withdrawals, substantiating source. Addition for unexplained deposits deleted. Assessee's appeals allowed on key grounds relating to disallowances and additions.

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Adhoc disallowance of expenses deemed improper as assessee did ...

Genuine business expenses, loans & cash deposits upheld; Unexplained additions rejected.

Case Laws Income Tax

August 27, 2024

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