Disallowance not justified as expenditure mistakenly presumed as personal expenditure: ITAT Delhi

Tamura Elcomponics Technologies Private Ltd. Vs National E-Assessment Centre (ITAT Delhi)

ITAT Delhi held that disallowance @10% of personnel expenditure not justified since AO mistakenly presumed expenses claimed by assessee as personal expenditure instead of personnel expenditure. Thus, appeal allowed.

Facts- The case of the assessee was selected for complete scrutiny. Accordingly, notices u/s 143(2) and 142(1) of the Income-tax Act, 1961 were issued. During assessment proceedings, AO observed from the profit & loss account of the assessee that assesse

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