Expenditure incurred by assessee should be disallowed to the extent that expenditure which had been incurred for evaluation of business opportunities that could not be said to be in line with the existing business or an extension of the existing business of assessee of manufacturing of paints and enamels.
Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance of books of account, section 69A was not applicable.
Rejection of grant under Section 80G merely on procedural lapse by making application under Section 80G(5)(ii) inadvertently instead of Section 80G(5)(iii) by assessee is not acceptable: ITAT Ahmedabad
ITAT referred to principle that expenses are allowable in year of crystallization of their liability, even if they relate to an earlier period. It held that expenses crystallized in current assessment year are deductible, regardless of when they were incurred.
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