The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held thatthe forfeiture of earnest money from OMDC is an expenditure and deleted the disallowance. Vardhaman Axles & Wheels Pvt. Ltd, the assessee of the Assessment Year 2014-2015 is directed against the order passed under section 250 of the Income Tax Act, 1961by Commissioner…
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