Mere disallowance of expense cannot result into concealment of income

Alfa Bhoj Limited Vs ACIT (ITAT Delhi) With respect to the claim of the deduction of deferred revenue expenditure of Rs. 2950195/– the assessee submitted that the above expenditure has been incurred by the assessee for exploring the future business opportunities. The learned AO disallowed the above sum u/s 37 of the income tax act as assessee failed to prove that the expenditure is wholly and exclusively laid out or expended for the purposes of the business of the assessee. In absence of any clarity about the purposes for which the expenditure has been incurred the above sum was disallowed b...