Gujarat HC Grants Bail to Marriage Bureau Owner, Finds No Link to Alleged ‘Looteri Dulhan’ Gang  ||  Calcutta HC: Minor’s Consent has No Mitigating Effect in POCSO Sexual Assault Cases  ||  Orissa HC Commutes Death Sentence, Says Emotion Cannot Override Established Law  ||  Calcutta HC: Street Vendors Act Protects Lawful Vending, Not Illegal Encroachments  ||  P&H HC: Courts Cannot Reveal Identities of Children in Conflict With Law in Court Records  ||  Bombay HC: Government Cannot Fix ‘Politically Convenient’ Election Dates sets Goa Poll Timeline  ||  SC: Major Port Trusts Liable for Customs Duty on Pilfered Goods under Customs Act  ||  Supreme Court: General Fraud Allegations Cannot Extend Limitation under Section 74 CGST Act  ||  SC: ‘No Coercive Steps’ Order Cannot Restrain Filing of Charge Sheet  ||  Chhattisgarh HC: Maintenance for Autistic Child May Continue Beyond 18 Until Self-Sufficient    

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