Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a consistent practice and a previous favorable decision by the ITAT Nagpur. Despite the Revenue's contestation based on accounting principles, the Tribunal upheld the CIT(A)'s decision in favor of the assessee, emphasizing consistency with past rulings. As a result, the Tribunal dismissed the Revenue's appeal, affirming the allowance of prior period expenses for the relevant assessment year.
Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a consistent practice and a previous favorable decision by the ITAT Nagpur. Despite the Revenue's contestation based on accounting principles, the Tribunal upheld the CIT(A)'s decision in favor of the assessee, emphasizing consistency with past rulings. As a result, the Tribunal dismissed the Revenue's appeal, affirming the allowance of prior period expenses for the relevant assessment year.
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