https://www.taxtmi.com/caselaws?id=328987 The High Court partly allowed the appeal, ruling in favor of the Revenue regarding the disallowance of long-term capital loss on the sale of silver utensils and in favor of the assessee regarding the partial disallowance of business expenses. The decision emphasized the necessity of providing verifiable evidence to support business expenses and highlighted the obligation of Assessing Officers to conduct proper verification before making disallowances. Each party was directed to bear their own costs. en-us Fri, 15 Apr 2016 00:00:00 +0530 Mon, 20 Jun 2016 12:59:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328987 The High Court partly allowed the appeal, ruling in favor of the Revenue regarding the disallowance of long-term capital loss on the sale of silver utensils and in favor of the assessee regarding the partial disallowance of business expenses. The decision emphasized the necessity of providing verifiable evidence to support business expenses and highlighted the obligation of Assessing Officers to conduct proper verification before making disallowances. Each party was directed to bear their own costs. Case-Laws Income Tax Fri, 15 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328987