https://www.taxtmi.com/caselaws?id=312649 The ITAT Bangalore dismissed revenue's appeals regarding speed money expenditure disallowance by a partnership firm engaged in clearing and forwarding business. The AO did not question the expenditure's genuineness or principle allowability but disallowed portions due to insufficient evidence beyond self-made vouchers and cash payments. The CIT(A) restricted disallowance to 1.6% of total payment. The tribunal sustained this order, noting that expenditure cannot be disallowed without rejecting books of accounts. In a separate assessment under section 153A, the tribunal upheld 10% disallowance as illegal payment to port officials based on incriminating material seized during search operations. en-us Tue, 02 May 2017 00:00:00 +0530 Fri, 01 Mar 2024 05:51:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312649 The ITAT Bangalore dismissed revenue's appeals regarding speed money expenditure disallowance by a partnership firm engaged in clearing and forwarding business. The AO did not question the expenditure's genuineness or principle allowability but disallowed portions due to insufficient evidence beyond self-made vouchers and cash payments. The CIT(A) restricted disallowance to 1.6% of total payment. The tribunal sustained this order, noting that expenditure cannot be disallowed without rejecting books of accounts. In a separate assessment under section 153A, the tribunal upheld 10% disallowance as illegal payment to port officials based on incriminating material seized during search operations. Case-Laws Income Tax Tue, 02 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312649