HC justified disallowance as assessee failed to prove incurring higher extraction exp. on Iron Ore

INCOME TAX : Where in case of assessee an individual carrying on business of trading in Iron Ore, Assessing Officer disallowed extraction expenses on ground that extraction expenses claimed by assessee during year in question were substantially higher than that of immediately preceding year, however, assessee attempted to establish that it had purchased lower grade of material which required more extraction/rescreening charges, but same was not supported by any material evidenceINCOME TAX : Where in case of assessee an individual carrying on business of trading in Iron Ore, Assessing Officer disallowed extraction expenses on ground that extraction expenses claimed by assessee during year in question were substantially higher than that of immediately preceding year, however, assessee attempted to establish that it had purchased lower grade of material which required more extraction/rescreening charges, but same was not supported by any material evidencewww.taxmann.com Latest Case LawsRead More

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