No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]

By Kalyani B. Nair - On December 12, 2022 4:41 pm - 2 mins read
No - claim - of - expenses - when - amount - represents - net - income - of - firm - ITAT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that No claim of expenses can be made when amount represents net income of firm. The assessee had constructed a commercial scheme consisting of shops in the name of ‘Trivia’. During the course of survey, statement was recorded of one of the partners, Snehal Patel in…

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