Revision U/s. 264 can be done for Firm’s expenses claimed in individual return after Assessee files revised computation for both

Advertisement Hitech Analytical Services Vs. Pr. CIT (Gujarat High Court) Assessee claimed Audit fees Rs. 28,090, Bank Charges Rs. 3,091, Car Loan interest Rs. 1,04,814, Depreciation Rs. 6,12,567, Petrol expenses Rs. 1,03,396, Traveling expenses Rs. 2,18,150 Totalling to Rs. 10,70,108 in her individual return. AO disallowed the expenses on the ground that assessee’s share of the profit of the firm was exempt from payment of tax and thus, the expenditure claimed was for the purpose of earning exempt income and therefore, not allowable under section 14A. The assessment of firm was pending....