Income-tax Appellate Tribunal's Error in Allowing Excessive Deduction for Business Expenditure
Commissioner Of Income-Tax, Rajasthan II, Jaipur Versus Kishangarh Madira Sangh
Commissioner Of Income-Tax, Rajasthan II, Jaipur Versus Kishangarh Madira Sangh - [1987] 167 ITR 393, 63 CTR 86, 31 TAXMANN 281 The High Court of Rajasthan ruled that the Income-tax Appellate Tribunal was not justified in allowing a deduction exceeding Rs. 50,772 as business expenditure for the assessment year 1968-69. The deduction should only be allowed for the amount of Rs. 50,772, which was the security deposit forfeited by the assessee.