2 results for “disallowance”+ Section 42(1)(b)clear
Sorted by relevance
Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE R.K.PATTANAIK
b) the investment should be less than the amount of profit earned or which could reasonably be deemed to have been earned, regard being to the date of expenditure. It is submitted that in the instant case, it has not been averred nor shown that the profits have been deposited in the cash credit account were from borrowing/withdrawals had been