The Cuttack bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance of expenditure cannot be merely on the basis of surmises and conjectures of the Assessing Officer. In the instant case, the Assessing Officer made ad-hoc disallowance of 20% out of salary paid to employees by the firm by finding […]
The post No Disallowance of Expenditure merely on the basis of Surmises and Conjectures of AO: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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