https://www.taxtmi.com/caselaws?id=65698 The Tribunal allowed the appeal in part, directing the ITO to allow the entire payments to the financiers and adjust the partners' assessments accordingly. The Tribunal found the payments were justified as per trade practices and legitimate business needs, rejecting the Revenue's contention of excessive and unreasonable returns. The Tribunal concluded that the assessee acted prudently, deriving substantial benefits from the agreements, and overturned the AAC's decision. en-us Tue, 20 Dec 1977 00:00:00 +0530 Fri, 18 Feb 2011 14:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65698 The Tribunal allowed the appeal in part, directing the ITO to allow the entire payments to the financiers and adjust the partners' assessments accordingly. The Tribunal found the payments were justified as per trade practices and legitimate business needs, rejecting the Revenue's contention of excessive and unreasonable returns. The Tribunal concluded that the assessee acted prudently, deriving substantial benefits from the agreements, and overturned the AAC's decision. Case-Laws Income Tax Tue, 20 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65698