Expenses for Business Maintenance Not Allowable u/s 24 of Income Tax Act: ITAT declares Disallowance made u/s 37 Arbitrary [Read Order]

Expenses for Business Maintenance Not Allowable - Income Tax Act ITAT declares Disallowance - Arbitrary - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has declared the disallowance made under Section 37 of the Income Tax Act 1961 as arbitrarily as business maintenance not allowable under Section 24 of the Income Tax Act 1961. Assessment in this case was completed on a total income as against returned income of assessee,…

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