Del. HC Stresses Mandatory Legal Assistance to Preserve Fairness and Integrity of Criminal Trials  ||  Supreme Court: Delhi High Court Ruling upheld on Taekwondo National Sports Federation Recognition  ||  SC: Blockchain-Based Digitisation of Land Records Necessary to Reduce Property Document Litigation  ||  Supreme Court to NCLT : Limit Power to Decide Intellectual Property Title Disputes under IBC  ||  Bombay HC: Railway Employee With Valid Privilege Pass is Bona Fide Passenger Despite Missing Entries  ||  Delhi High Court: Mere Pleadings Made To Prosecute or Defend a Case Do Not Amount To Defamation  ||  Delhi High Court: Asking an Accused To Cross-Examine a Witness Without Legal Aid Vitiates The Trial  ||  Delhi High Court: Recruitment Notice Error Creates No Appointment Right Without Vacancy  ||  Supreme Court: Subordinate Legislation Takes Effect Only From its Publication in The Official Gazette  ||  Supreme Court: DDA Must Adopt a Litigation Policy To Screen Cases and Avoid Unnecessary Filings    

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