https://www.taxtmi.com/caselaws?id=65415 Commission to intermediaries was disallowed because the assessee produced only sale bills and payment entries, with no agreement or evidence of specific services, so the section 37 business-expenditure test was not met. Entertainment expenses were partly treated as business expenditure, but the employee-related allocation lacked sufficient record and was remanded to the Assessing Officer for fresh examination. The pre-2002 section 92 transfer-pricing adjustment was deleted because mere suspicion or lower profits did not establish the required resident-non-resident arrangement producing no or less than ordinary profit. Foreign exchange forward loss and commission to M/s Meemar were allowed on the basis of an ascertained liability and supporting contract and sales documents. en-us Fri, 11 Apr 2008 00:00:00 +0530 Sat, 21 Jul 2012 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65415 Commission to intermediaries was disallowed because the assessee produced only sale bills and payment entries, with no agreement or evidence of specific services, so the section 37 business-expenditure test was not met. Entertainment expenses were partly treated as business expenditure, but the employee-related allocation lacked sufficient record and was remanded to the Assessing Officer for fresh examination. The pre-2002 section 92 transfer-pricing adjustment was deleted because mere suspicion or lower profits did not establish the required resident-non-resident arrangement producing no or less than ordinary profit. Foreign exchange forward loss and commission to M/s Meemar were allowed on the basis of an ascertained liability and supporting contract and sales documents. Case-Laws Income Tax Fri, 11 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65415