The ITAT reversed the disallowance of professional expenses...

The ITAT reversed the disallowance of professional expenses under section 37(1), holding that the assessee discharged the evidentiary burden by furnishing uncontested proof of genuine payments to corporate entities. The failure to serve notice under section 133(6) to third parties did not justify deeming the payments non-genuine. The Tribunal relied on precedents affirming that non-appearance of payees does not warrant adverse inference against the assessee. It was further noted that the assessee operated solely as a commission agent and not as a trader. Consequently, the grounds raised by the assessee were allowed, and the disallowance was set aside.

---