Case Law Details
Case Name : ACIT Vs Shri Milan N. Shah,(ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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Brief of the Case
In the present facts of the Case, the Hon’ble tribunal held that businessman is the best Judge to find out what is the best for his business and to whom he should employ as the Commercial Expediency is only known to him.
Facts of the Case
Assessee was engaged in the business of consultancy and advisory services in shares and securities, who filed his return of income on 30.09.2009 admitting total income of Rs.38.92 lacs. The AO completed the assessment on 24.12.10 , u/s. 143(3) of the Act determining the income of the assessee at Rs.68.37 lacs. The assessee had debited cons...
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The duty of the department whether any expenditure actually incurred or not during the course of business and not in the nature of personal or capital. Further it is the assessee and not the AO who has to decide the needs of the business and payment to be made. The only exception is provisions of section 40(A)(2)(b)of the Act.