Reimbursement of Expenses cannot be treated as Income despite deduction of TDS

K.C. Marketing Vs ACIT (ITAT Chennai) Assessee has claimed various expenditure from its principal by way of reimbursement. The copies of relevant bills as well as credit notes issued by M/s Satnam Overseas Ltd. in favor of assessee has also been placed on page nos. 38 to 83 of paper-book. The statement of TDS deducted by assessee’s principal is also on record. Upon perusal of copies of financial statements as placed on record, it could be noted that the Profit & Loss Account has been credited as well as debited for the amount incurred by assessee on behalf of its principal. All these ove...