Assessee needs to establish genuineness of the expenditure

Green Twig Estate Management Pvt. Ltd. Vs ITO (ITAT Mumbai)

ITAT Mumbai held that onus is on the assessee to establish that the specified expenditure incurred was wholly and exclusively for the purpose of the business, disallowance of expenditure justified in absence of such establishment.

Facts-

AO disallowed the work-in-progress in respect of ‘Kirti Chambers Property’ amounting to Rs. 2,99,40,000/- and denied carry forward of the same for subsequent years. CIT

Please become a Premium member. If you are already a Premium member, login here to access the full content.