Expenditure resulting in Income or Substantial Income not necessary for granting Deduction for Business Purpose: ITAT [Read Order]

By Taxscan Team - On July 19, 2022 3:22 pm - 2 mins read
Expenditure - income - substantial income - deduction - business - ITAT - Taxscan

The Income Tax Appellate Tribunal ( ITAT ) has held that, Expenditure resulting in income or substantial income not necessary for granting deduction for business purposes. The assessee, M/s. Emcipi Electronics Pvt. Ltd filed its return of income on 26.09.2010 showing the total income of Rs.2,16,45,540/-. The case was selected for scrutiny and the notice…

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