Disallowance not sustained as evidence duly established claim of expenditure: Delhi HC

PCIT Vs Paramount Residency Ltd (Delhi High Court) Delhi High Court held that the disallowance of expenditure is not sustainable as the evidence and material produced by the assessee establish that it had incurred the expenditure as claimed. Thus, findings of ITAT cannot be perverse. Facts- Present appeal has been preferred by the revenue. Notably, ITAT had found the case in favour of the assessee and held that purchases of the amount of ₹7,86,21,320/-, which were alleged to be bogus purchases and were disallowed as expenditure, are liable to be allowed considering the documents and material...