https://www.taxtmi.com/caselaws?id=119692 The Appellate Tribunal allowed the appeal of the banking company, overturning the disallowance of expenses for audit fee paid for US GAAP work. The Tribunal held that the expenditure was incurred for commercial expediency and in furtherance of business operations, aligning with reporting obligations to the foreign banking company's head office. The genuineness of the expenditure was not in question, and it was deemed allowable under sections 36 and 37 of the Income-tax Act. en-us Fri, 12 Jan 2007 00:00:00 +0530 Thu, 12 Jul 2012 15:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119692 The Appellate Tribunal allowed the appeal of the banking company, overturning the disallowance of expenses for audit fee paid for US GAAP work. The Tribunal held that the expenditure was incurred for commercial expediency and in furtherance of business operations, aligning with reporting obligations to the foreign banking company's head office. The genuineness of the expenditure was not in question, and it was deemed allowable under sections 36 and 37 of the Income-tax Act. Case-Laws Income Tax Fri, 12 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119692