Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Page of 4786
Press 'Enter' after typing page number.
121 to 140 of 95715 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT dismissed the Revenue's appeal and upheld in toto the order of the CIT(A) deleting the addition of Rs. 15.80 crore towards alleged bogus wage expenditure for A.Y. 2022-23 in the case of Assessee Co. ITAT held that the AO's reliance on cash scroll notings such as "MD Personal" was unsupported by any corroborative evidence, cash trail, or proof of personal use by the Managing Director, and that such private notings cannot, by themselves, constitute conclusive evidence of non-genuine expenditure. As the AO had not rejected the books under s.145, and the assessee's profit ratio was consistent with past years, the impugned disallowance was found arbitrary and unsustainable. All grounds raised by the Revenue were rejected.
ITAT dismissed the Revenue's appeal and upheld in toto the order of the CIT(A) deleting the addition of Rs. 15.80 crore towards alleged bogus wage expenditure for A.Y. 2022-23 in the case of Assessee Co. ITAT held that the AO's reliance on cash scroll notings such as "MD Personal" was unsupported by any corroborative evidence, cash trail, or proof of personal use by the Managing Director, and that such private notings cannot, by themselves, constitute conclusive evidence of non-genuine expenditure. As the AO had not rejected the books under s.145, and the assessee's profit ratio was consistent with past years, the impugned disallowance was found arbitrary and unsustainable. All grounds raised by the Revenue were rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
