https://www.taxtmi.com/caselaws?id=428366 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to delete the addition of Rs. 1,35,80,000 representing expenditure out of disclosed income during survey proceedings. The Tribunal emphasized that since the undisclosed income was admitted, corresponding expenses should be allowed unless proven bogus, to avoid double taxation. It concluded that disallowing the expenses under Section 40A(3) was unwarranted as the claim was not made for deduction in the current year, overturning the decision of the Commissioner of Income Tax (Appeals). en-us Wed, 14 Sep 2022 00:00:00 +0530 Thu, 29 Sep 2022 09:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428366 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to delete the addition of Rs. 1,35,80,000 representing expenditure out of disclosed income during survey proceedings. The Tribunal emphasized that since the undisclosed income was admitted, corresponding expenses should be allowed unless proven bogus, to avoid double taxation. It concluded that disallowing the expenses under Section 40A(3) was unwarranted as the claim was not made for deduction in the current year, overturning the decision of the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428366