https://www.taxtmi.com/caselaws?id=250024 The Income Tax Appellate Tribunal (ITAT) dismissed the appeals filed by the Assessing Officer (AO) for multiple assessment years, upholding the First Appellate Authority's decisions. The ITAT emphasized the consistency in the assessee's accounting method and the genuineness of the expenses incurred for business purposes. The additions on account of trade discount and commission received were deleted as the income did not accrue within the relevant financial year. The disallowance of expenses was reduced from 5% to 1% due to the genuine nature of the expenses. Additionally, an ad hoc disallowance under Section 37(1) of the Income Tax Act was also restricted by the ITAT. en-us Mon, 30 Jun 2014 00:00:00 +0530 Tue, 17 Mar 2015 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250024 The Income Tax Appellate Tribunal (ITAT) dismissed the appeals filed by the Assessing Officer (AO) for multiple assessment years, upholding the First Appellate Authority's decisions. The ITAT emphasized the consistency in the assessee's accounting method and the genuineness of the expenses incurred for business purposes. The additions on account of trade discount and commission received were deleted as the income did not accrue within the relevant financial year. The disallowance of expenses was reduced from 5% to 1% due to the genuine nature of the expenses. Additionally, an ad hoc disallowance under Section 37(1) of the Income Tax Act was also restricted by the ITAT. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250024