https://www.taxtmi.com/caselaws?id=9819 The High Court upheld the Tribunal's decision, ruling in favor of the assessee. The expenses claimed were considered genuine business expenses under section 37(1) of the Income-tax Act, 1961, as they were necessary for business operations and not aimed at tax avoidance. The interest payable to McDowell was also deemed allowable as it was charged on legitimate business transactions. The court concluded that the transactions were not sham or bogus and were part of the assessee's legitimate business activities. en-us Tue, 14 Feb 2006 00:00:00 +0530 Wed, 01 Jul 2009 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9819 The High Court upheld the Tribunal's decision, ruling in favor of the assessee. The expenses claimed were considered genuine business expenses under section 37(1) of the Income-tax Act, 1961, as they were necessary for business operations and not aimed at tax avoidance. The interest payable to McDowell was also deemed allowable as it was charged on legitimate business transactions. The court concluded that the transactions were not sham or bogus and were part of the assessee's legitimate business activities. Case-Laws Income Tax Tue, 14 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9819