Income has to be Computed after making Disallowance and 40% Resultant Income to be Treated as Taxable Income: ITAT [Read Order]

By Kalyani B. Nair - On May 26, 2023 9:00 am - 2 mins read

Income - Income has to be Computed - Disallowance - Resultant Income - Taxable Income - ITAT - Income Tax - taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), ruled that the income has to be computed after making disallowance and 40% resultant income to be treated as taxable income. The Assessing Officer, vide intimation under section 143(1) of the Income Tax Act disallowed a sum of Rs.2 crores on account of late payment…

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