Mere allegations insufficient to disallow section 35-AC deduction: ITAT Mumbai

Ravindra K. Reshamwala Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai, in the case of Ravindra K. Reshamwala Vs Income Tax Officer (ITO), has delivered a significant judgment on the disallowance of deductions under Section 35-AC of the Income Tax Act, 1961. This case underlines the criticality of substantial evidence over mere allegations in the context of tax deductions. Detailed Analysis The appellant, Ravindra K. Reshamwala, contested the order dated June 26, 2023, by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, for the assessment y...