If Assessee without challenging S. 14A computed disallowance, it cannot object to addition U/s. 14A

If Assessee without challenging S. 14A computed disallowance, it cannot object to addition U/s. 14A Posted: 05 Apr 2013 09:29 PM PDT The assessee had declared exempt income and on asking of the Assessing Officer, it had itself computed the disallowance amount of Rs. 4,83,414/- under Rule 8D of the Income Tax Rules and exactly the same very amount has been disallowed. In our opinion, once the assessee itself computed the... Expenditure cannot be allowed to 'Gurdas Mann' merely because Payment was made through Bank Posted: 05 Apr 2013 09:19 PM PDT The perusal of the profit and loss account placed at page 9 of the paper book reflects the assessee to have followed project completion method, i.e., it has shown the receipts and corresponding expenditure in respect of each of its venture separately and had over and above the same claimed... Genuineness of gift cannot be doubted if return filed by donor proves his creditworthiness Posted: 05 Apr 2013 11:31 AM PDT In the present case, the income tax return of the donor namely Dr. Chitranjan Jain and his wife Nisha Jain was filed before the Assessing Authority. No finding has been recorded by Assessing Authority or the CIT Appeal or the ITAT that return filed by Dr. Chitranjan Jain and the Nisha Jain were...