44 results for “bogus purchases”+ Section 40A(2)(b)clear
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In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed
Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony
purchase of Ford Ikon car and the same the was claimed as revenue expenditure. However, the Ld. AO was of the view that the expenditure is capital in nature as it goes to increase the cost of the car the utilization of which gives enduring benefit to the assessee. Therefore, the Ld. AO disallowed the entire amount as deduction