https://www.taxtmi.com/caselaws?id=243861 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 51,68,488/- on account of Excise Duty paid, considering it a revenue expenditure under Section 37 of the Act. The Tribunal also upheld the deletion of Rs. 7,67,437/- added by the Assessing Officer on account of disallowance of interest payment to other parties, finding that there was no established nexus between borrowed funds and interest-free advances. The judgment highlights the importance of providing evidence and following judicial precedents in tax matters. en-us Wed, 07 Aug 2013 00:00:00 +0530 Wed, 12 Feb 2014 14:25:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243861 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 51,68,488/- on account of Excise Duty paid, considering it a revenue expenditure under Section 37 of the Act. The Tribunal also upheld the deletion of Rs. 7,67,437/- added by the Assessing Officer on account of disallowance of interest payment to other parties, finding that there was no established nexus between borrowed funds and interest-free advances. The judgment highlights the importance of providing evidence and following judicial precedents in tax matters. Case-Laws Income Tax Wed, 07 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243861