https://www.taxtmi.com/caselaws?id=413060 The ITAT Allahabad held that the addition relating to alleged suppression of income from sale of prospectus was rightly sustained because the assessee failed to produce cogent material showing that the stock was fully accounted for or that no sale took place outside the books. On section 40(a)(ia), the Tribunal applied the curative and retrospective effect of the Finance Act, 2010 amendment and held that where tax was deducted during the year and deposited on or before the due date under section 139(1), the expenditure could not be disallowed merely because payment was made after the end of the previous year. The assessee received relief only on the TDS disallowance issue. en-us Thu, 30 Sep 2021 00:00:00 +0530 Fri, 01 Oct 2021 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413060 The ITAT Allahabad held that the addition relating to alleged suppression of income from sale of prospectus was rightly sustained because the assessee failed to produce cogent material showing that the stock was fully accounted for or that no sale took place outside the books. On section 40(a)(ia), the Tribunal applied the curative and retrospective effect of the Finance Act, 2010 amendment and held that where tax was deducted during the year and deposited on or before the due date under section 139(1), the expenditure could not be disallowed merely because payment was made after the end of the previous year. The assessee received relief only on the TDS disallowance issue. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413060