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
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