https://www.taxtmi.com/caselaws?id=444830 The appeal against the order of the ld.CIT(A) under section 250(6) of the Income Tax Act, 1961, was allowed. The court found that the expenses disallowed by the AO, previously confirmed by the ld.CIT(A), were not penalties but were incurred for business purposes related to dealing in shares and securities. The ledger accounts and explanations provided by the assessee substantiated this claim. As a result, the disallowance of Rs. 48,23,159/- was deemed baseless and directed to be deleted. All grounds raised by the assessee were accepted, and the appeal was allowed. en-us Wed, 11 Oct 2023 00:00:00 +0530 Wed, 25 Oct 2023 09:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444830 The appeal against the order of the ld.CIT(A) under section 250(6) of the Income Tax Act, 1961, was allowed. The court found that the expenses disallowed by the AO, previously confirmed by the ld.CIT(A), were not penalties but were incurred for business purposes related to dealing in shares and securities. The ledger accounts and explanations provided by the assessee substantiated this claim. As a result, the disallowance of Rs. 48,23,159/- was deemed baseless and directed to be deleted. All grounds raised by the assessee were accepted, and the appeal was allowed. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444830