Bom HC: Civil Court Can Invoke Sec 151 CPC to Dismiss a Suit as Infructuous if Cause of Action Ends  ||  Kerala HC: Arrest Grounds Need Not Be Shared With Foreigner’s Family If FRRO Or Embassy is Informed  ||  Delhi HC Granted Interim Relief to JioStar in a Dispute over Legends League Cricket Broadcast Rights  ||  SC: Dishonour of a Post-Dated Cheque Alone Does Not Establish Dishonest Intent For Cheating  ||  SC: Disciplinary Proceedings Started During Service May Continue After Retirement If Rules Allow  ||  Supreme Court: Earning Interest on a Bank Deposit Does Not Make it a Commercial Purpose  ||  CCI Dismisses Complaint Against Rapido over Use of Private Vehicles in Bike Taxi Service  ||  Allahabad HC: State Must Protect Individuals Threatened for Conducting Prayers in Private Spaces  ||  Madras HC: Habeas Corpus Petition Cannot Be Used if Wife Voluntarily Elopes with Another Man  ||  Calcutta High Court: Post-VRS Service Benefits Cannot be Denied; Ex-Employees Entitled to Arrears    

ITAT Chennai: Entries in Books of Accounts Does Not Prove Genuineness of Expenditure - (12 Jun 2019)

DIRECT TAXATION

Income Tax Appellate Tribunal (ITAT), Chennai has held that mere entries in the books of accounts do not prove genuineness of the expenditure. The Tribunal further noted that the contention that profit arising on account of sale of the property cannot be brought to tax as the land was sold in the capacity of holding power of attorney cannot be accepted because the profits were assessed under the head "profit and gain of business".

Tags : ITAT CHENNAI   EXPENDITURE  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved