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of ITAT upheld the CIT(A)'s decision, rejecting the AO's disallowance of management fees under Section 37(1). The tribunal emphasized that expenses must be incurred for business purposes and be revenue in nature, irrespective of revenue matching. The key consideration is whether the expenditure serves a legitimate business objective, not its proportionality to revenue. The tribunal found the CIT(A)'s factual findings sound and comprehensive, thereby dismissing the revenue's appeal and allowing the assessee's original claim for expense recognition.
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