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Showing contexts for: extraneous consideration in Commissioner Of Income Tax vs Virgin Securities & Credits Pvt. Ltd. on 18 February, 2011Matching Fragments
(3) When there was a business at large scale of the aforesaid magnitude, it could not be disputed that the expenses would have been incurred by the assessee. Therefore, allowing to the extent of expenses which was incurred in the previous years when there was no comparison in the two years, was arbitrary decision on the part of the AO.
(4) Reasons for the AO went by the irrelevant extraneous consideration, viz., PPF, etc. were not produced by the assessee. This could not be paid as the work was not done by the assessee himself, but by the staff of M/s. Goyal M.G. Gases Pvt. Ltd., for the assessee, for the reasons mentioned above. Obviously, it was for M/s. Goyal M.G. Gases Pvt. Ltd. to pay salary to its employee and they would be maintaining such ledgers.