ITAT Kolkata Partly Allows Business Expense Claims in Painting Business

Ishvatham Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, in the case of Ishvatham Vs ITO, has partially allowed the assessee’s appeal, setting aside the order of the Commissioner of Income Tax (Appeals) [CIT(A)] that had confirmed the total disallowance of business expenses. The Tribunal found that while the Assessing Officer (AO) was correct in noting the lack of supporting documentation for the claimed expenses, the complete disallowance was unjustified given the existence of an ongoing business. Background of the Case The appeal concerned the Assessment...