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of <h1>Supreme Court Affirms Limit on Expenditure Allowance from Seized Documents</h1> <h3>Damac Holdings Pvt. Ltd. Versus Commissioner Of Income Tax</h3> The Supreme Court upheld the High Court's decision to partially deny relief granted by ITAT, limiting expenditure allowance to amounts from seized ... Disallowance u/s 37 - benefit of presumption under Section 132 (4A) - documents seized at the time of search - Held that:- As argued by the petitioner that though the entire order passed by the High Court [2017 (12) TMI 1170 - KERALA HIGH COURT] have gone in favour of the petitioner herein, however, while giving directions in para 14 the High Court has stated that the allowance of expenditure would be confined to the amounts revealed from the seized documents, whether it be cash or cheque payments and in this manner has denied the relief partially which has been granted by ITAT. Issue notice. The Supreme Court issued an order in a case where the High Court partially denied relief granted by ITAT, stating that expenditure allowance would be limited to amounts from seized documents. Mr. V. Giri represented the petitioner.
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