Case Law Details
ACIT Vs Emcipi Electronics Pvt. Ltd. (ITAT Delhi)
ITAT held that The issue of quantum of income and allowableness of the expenses it has to be seen that, whether the expenditure incurred wholly and exclusively for the purpose of business or not. So long as the expenses are incurred for the purpose of business, in our opinion the same should be allowable as deduction and it is not necessary that the expenditure may result in income or there must be substantial income. The said view has been supported by the decision of Hon’ble Supreme Court in the case of CIT Vs. Malyalam Plantation Ltd. 53 ITR 140 and CIT Vs. Rajinder Pd. Moodi 115 ITR 519.
FULL TEXT OF THE ORDER OF ITAT DELHI
This appeal has been filed by the Revenue against the order dated 11/02/2019 passed by CIT(A)-34, New Delhi for Assessment Year 2010-11.
2. The Revenue has raised the following ground of appeal:-
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