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Suo Motu disallowance u/s 14A to be accepted if AO failed to record satisfaction that it was incorrect

June 12, 2018[2018] 93 493 (Mumbai - Trib.)

IT: Where Assessing Officer did not record any satisfaction as to why suo moto disallowance made by assessee under section 14A which was worked out by assessee having regards to its accounts was not a correct working of expenditure in relation to an exempt income having regards to account of assessee, disallowance made by assessee was to be accepted

IT: Municipal rateable value is an approved method for determination of ALV of property but if Assessing Officer is convinced that municipal rateable value did not represent fair market value of rent, then he may resort to prevailing market rental value in locality

IT: Where on transfer of an employee to assessee company from its group company, transferor company had transferred a cheque in respect of amount payable to said employee on account of gratuity and leave encashment and claimed same as an expenditure but assessee did not pay said amount due to employee even on his retirement but showed it as 'current liability' payable in its balance sheet, addition under section 68 of such amount to assessee's income on mere suspicion that assessee might also claim it as an expense in future was unjustified

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