2014 (7) TMI 1301

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....ehta ORDER PER N.K. BILLAIYA, AM: This appeal by the Revenue is preferred against the order of the Ld. CIT(A)-34, Mumbai dt.18.07.2011 pertaining to A.Y. 2008-09. 2. The sole grievance of the Revenue is that the Ld. CIT(A) erred in deleting the addition of 25% of unverifiable expenses amounting to Rs. 75,91,967/-. 3. The assessee is in the business of distribution of insurance polic....

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....n of the assessee stating that " the explanation offered by the assessee is not fully acceptable as merely furnishing a certificate from M/s. India Infoline Ltd that the expenses made by them include an amount of Rs. 3.03 crores have been allocated to the assessee". The AO further observed that no such agreement has been brought on record by the assessee. The AO further observed that the assessee ....

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....rieved by this, the Revenue is before us. 6. The Ld. Departmental Representative strongly supported the findings of the AO. 7. The Ld. Counsel for the assessee reiterated what has been submitted before the lower authorities and in particular before the Ld. CIT(A). 8. We have carefully perused the orders of the authorities below. It is an undisputed fact that the expenditure has been incur....