https://www.taxtmi.com/caselaws?id=182466 The appeal was dismissed, upholding the disallowance of Rs. 4,77,58,412 for the free distribution of gold coins. The assessee failed to establish the genuineness of the expenditure as wholly and exclusively for business purposes, with inconsistencies and lack of concrete evidence noted by the CIT(A). The additional evidence provided was deemed irrelevant, and the claim of distributing 68 kgs of gold coins was found inconsistent and unsubstantiated. The entire scheme was considered improbable and not credible, leading to the rejection of the appeal. en-us Wed, 12 Jun 2013 00:00:00 +0530 Wed, 11 May 2016 15:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182466 The appeal was dismissed, upholding the disallowance of Rs. 4,77,58,412 for the free distribution of gold coins. The assessee failed to establish the genuineness of the expenditure as wholly and exclusively for business purposes, with inconsistencies and lack of concrete evidence noted by the CIT(A). The additional evidence provided was deemed irrelevant, and the claim of distributing 68 kgs of gold coins was found inconsistent and unsubstantiated. The entire scheme was considered improbable and not credible, leading to the rejection of the appeal. Case-Laws Income Tax Wed, 12 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182466