Mere Book Entries not establish Genuineness of Expenditure

Shri. P.K. Mohammed Vs. ACIT (ITAT Chennai) As regards to the allowances of discount, commission and development expenditure, no evidence were filed before us establishing the genuineness of the expenditure. Mere entries in the books of accounts does not establish the genuineness of the expenditure. The contention that profit arising on account of sale of property cannot be brought to tax as the land was sold in the capacity of holding power of attorney cannot be accepted, since the profits were assessed under the head ‘’profit and gain of business”. FULL TEXT OF THE ITAT JUDGEMENT This...