Shanti Prime Publication Pvt. Ltd.
Sec. 80P(2) of Income Tax Act, 1961— Business Expenditure — During the course of assessment proceedings, the AO observed that the assessee has claimed the expenses as allowable expenditure claimed u/s.37(1) of the Act, however, he disallowed the same stating that the expenditure claimed by the assessee does not relate to the business of the assessee towards earning of the income as per Section 37(1) of the Act. It is also not an incidental expenses to earn the income of the assessee which rightly been confirmed by the CIT(A). Appeal of the assessee dismissed.—ORISSA STATE CO-OPERATIVE HANDICRAFTS CORPORATION LIMITED vs. ITO.  26 ITCD Online 002 (ITAT-CUTTACK)