Court Allows Partial Deduction of Business Expenses Due to Insufficient Evidence, Disallows 50% as Unverifiable.

Court Allows Partial Deduction of Business Expenses Due to Insufficient Evidence, Disallows 50% as Unverifiable. https://www.taxtmi.com/highlights?id=41268 Genuineness of expenses - although the said expenditure was not fully supported by the relevant supporting documentary evidence as pointed out by the authorities below making it unverifiable, the same cannot be entirely disallowed keeping in view the nature of the assessee’s business and it would be fair and reasonable to disallow the said expenditure to the extent of 50% for the unverifiable element involved therein. en-us Thu, 06 Sep 2018 09:15:57 +0530 Thu, 06 Sep 2018 09:15:57 +0530 TaxTMI RSS Generator Court Allows Partial Deduction of Business Expenses Due to Insufficient Evidence, Disallows 50% as Unverifiable. https://www.taxtmi.com/highlights?id=41268 Genuineness of expenses - although the said expenditure was not fully supported by the relevant supporting documentary evidence as pointed out by the authorities below making it unverifiable, the same cannot be entirely disallowed keeping in view the nature of the assessee’s business and it would be fair and reasonable to disallow the said expenditure to the extent of 50% for the unverifiable element involved therein. Highlights Income Tax Thu, 06 Sep 2018 09:15:57 +0530 https://www.taxtmi.com/highlights?id=41268