Petty Expenses relating to Telephone Expenses, Advertisement Expenses can’t be disallowed on ad-hoc basis in case of Corporate Entity: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the petty expenses relating to telephone expenses, advertisement expenses cannot be disallowed on ad-hoc basis in case of a corporate entity. The assessee, YKM Holdings Pvt. Ltd. is engaged in the business of investment in securities and lending of money. It has shown income […]
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