https://www.taxtmi.com/caselaws?id=251372 The Supreme Court remitted two issues concerning income tax assessments back to the Commissioner of Income-Tax (Appeals) for reconsideration. The Court emphasized the importance of examining industry practices and expenses claimed to ensure compliance with the Income Tax Act. The matters were sent for de novo consideration in line with a previous order in a related case, highlighting the need for a thorough review of the basis for selling sugar at a concessional price and the strict requirements for expenses claimed under Section 37(1) of the Act. en-us Mon, 25 Aug 2014 00:00:00 +0530 Fri, 12 Sep 2014 10:00:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251372 The Supreme Court remitted two issues concerning income tax assessments back to the Commissioner of Income-Tax (Appeals) for reconsideration. The Court emphasized the importance of examining industry practices and expenses claimed to ensure compliance with the Income Tax Act. The matters were sent for de novo consideration in line with a previous order in a related case, highlighting the need for a thorough review of the basis for selling sugar at a concessional price and the strict requirements for expenses claimed under Section 37(1) of the Act. Case-Laws Income Tax Mon, 25 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251372