TaxTMI 
TaxTMI 
2013 (3) TMI 125
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....n appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') against the order dated 08.06.2011 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for short 'the Tribunal) in ITA No. 355(Asr)/2010 in relation to assessment year 2004-05 whereby the Tribunal confirmed the order passed by the Commissioner of Income Tax (Appeals), Amritsar. The Revenue has claimed ....
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....r 2004-05. During assessment proceedings, the Assessing Officer found that the assessee debited an amount of Rs.52,35,509/- on 29.02.2004 on the basis of a debit note raised by the supplier of goods i.e. M/s Essma Textiles Pvt. Ltd. The Assessing Officer found that such debit note has been issued for the rate difference of the goods sold by the company to the assessee after taking into account the....
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....easonable grounds. We find Section 40A(2) authorizes the authorities under the Act to disallow the deduction, if it is found that such expenditure is excessive or unreasonable. It will be a question of fact in each case whether the expenditure claimed as a deduction is excessive or unreasonable. Though the Assessing Officer has found the expenditure as excessive but not only the Commissioner of I....