Madhya Pradesh High Court: Victims Must be Given a Hearing Even Before Closure Report Rejection  ||  Delhi HC: Payment of ‘Pagri’ Does Not Render Tenancy Non-Terminable, Allowing Eviction  ||  Ker HC Examined Whether Electro-Homeopathy Can be Practised Without Registration under Medical Laws  ||  Delhi HC: Better Possessory Title Holder Can Recover Property From Occupant Without Superior Right  ||  Bombay High Court: Compensatory Afforestation Must Be in Same or Nearby Locality For Residents  ||  Bombay High Court Protects ‘MEFTAL-SPAS’, Restrains Use of Similar Drug Brand  ||  Supreme Court: Inclusion in Revised Select List Does Not Give TN MV Inspectors a Vested Right  ||  Bombay HC: ICC Cannot Hear Sexual Harassment Complaint over Non-Employer Transport Incident  ||  Ker HC Upholds Rule that Homeopathic Doctors Must Cancel Registration Before Enrolment as Advocates  ||  J&K&L HC: Evidence Negating Penetration Warrants Conviction For Attempt to Rape, Not Rape    

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