Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]

Unverified - Excessive Operating Expenses - Operating Expenses - Income Tax Act - ITAT - Disallowance - ITAT Reduces Disallowance - Income Tax - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, reduced the disallowance from 10% to 2%, on finding that operating expenses is unverified and excessive and hence not allowable under Section 37 on the Income Tax Act, 1961. The aforesaid observation was made by the Delhi ITAT, when…

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