https://www.taxtmi.com/caselaws?id=259028 The Tribunal upheld the CIT(A)'s decisions, dismissing the Revenue's appeal. The disallowance of interest expenses on borrowed funds was rejected as the borrowings were used for business purposes. The disallowance of reimbursement of expenses to sister concerns was reduced to the correct amount justified for business purposes. The disallowance of commission expenses was overturned as they were found to be justified and consistent with previous years. The Tribunal found the CIT(A)'s decisions to be well-founded and in line with precedents, ruling in favor of the assessee on all grounds. en-us Fri, 13 Feb 2015 00:00:00 +0530 Tue, 28 Apr 2015 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259028 The Tribunal upheld the CIT(A)'s decisions, dismissing the Revenue's appeal. The disallowance of interest expenses on borrowed funds was rejected as the borrowings were used for business purposes. The disallowance of reimbursement of expenses to sister concerns was reduced to the correct amount justified for business purposes. The disallowance of commission expenses was overturned as they were found to be justified and consistent with previous years. The Tribunal found the CIT(A)'s decisions to be well-founded and in line with precedents, ruling in favor of the assessee on all grounds. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259028