https://www.taxtmi.com/caselaws?id=756252 The ITAT Cochin upheld the AO's decision to disallow 50% of repossession charges claimed by an assessee engaged in asset recovery services for banks. The assessee provided only an unverifiable list of 400 purported "influential persons" without proof of identity or locality-wise details. The Tribunal found the evidence sketchy and lacking evidentiary value, describing it as "make-believe" documentation. Given the complete non-verifiability of the claimed expenditure, the Tribunal deemed the 50% disallowance reasonable under estimation principles established in precedent cases. The assessee's appeal was dismissed. en-us Thu, 30 May 2024 00:00:00 +0530 Wed, 31 Jul 2024 08:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756252 The ITAT Cochin upheld the AO's decision to disallow 50% of repossession charges claimed by an assessee engaged in asset recovery services for banks. The assessee provided only an unverifiable list of 400 purported "influential persons" without proof of identity or locality-wise details. The Tribunal found the evidence sketchy and lacking evidentiary value, describing it as "make-believe" documentation. Given the complete non-verifiability of the claimed expenditure, the Tribunal deemed the 50% disallowance reasonable under estimation principles established in precedent cases. The assessee's appeal was dismissed. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756252