Diwali Expenses by Company: No Addition u/s 68 Since Assessee could not prove ‘Business Purpose’, rules ITAT [Read Order]

Diwali Expenses - ITAT - Business Purpose - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that no addition is to be made u/s 68 to Deewali expenses on account of the assessee’s inability to substantiate the same for business purposes. The aforesaid observation was made by the Tribunal when an appeal was preffered…

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