https://www.taxtmi.com/caselaws?id=174235 The Tribunal reversed the CIT(A)'s decision to allow operational expenses for vessel "Tarini," as the company failed to prove Tarini's operations during the claimed period. Lack of evidence of Tarini's income receipts led the Tribunal to disallow the expenses, emphasizing the need for proof of vessel operations. The High Court remanded the matter back to the Tribunal for reconsideration, instructing a fresh decision based on whether the expenses were incurred wholly and exclusively for business purposes. en-us Wed, 29 Jan 1992 00:00:00 +0530 Mon, 05 Oct 2015 10:05:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174235 The Tribunal reversed the CIT(A)'s decision to allow operational expenses for vessel "Tarini," as the company failed to prove Tarini's operations during the claimed period. Lack of evidence of Tarini's income receipts led the Tribunal to disallow the expenses, emphasizing the need for proof of vessel operations. The High Court remanded the matter back to the Tribunal for reconsideration, instructing a fresh decision based on whether the expenses were incurred wholly and exclusively for business purposes. Case-Laws Income Tax Wed, 29 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174235