Disallowance u/s 40A(2)(b)-Excess over FMV to be seen as per legitimate needs of business
July 28, 2020
Income Tax, ITAT
Disallowance u/s 40A(2)(b) AO has to form opinion if expenses more than FMV according to legitimate needs of business. ABCAUS Case Law Citation:ABCAUS 3344 (2020) (07) ITAT Important case law relied upon by the parties:Flour Mills Vs. ACIT (2009) 314 ITR 1 (Guj.)CIT Vs. Shatrunjay Diamonds (2003) 261 …