https://www.taxtmi.com/caselaws?id=348473 The High Court upheld the Tribunal's decision to delete the disallowance of interest and commission paid by the Assessee to depositors, emphasizing that income tax is levied on actual income earned. The Court distinguished the case from a precedent involving low-interest loans to directors, finding the Assessee's transactions genuine and for business purposes. The Court dismissed the appeal, affirming that the Assessee's business decisions were within commercial expediency, rejecting attempts to interfere with such decisions or apply the "lifting of veil" doctrine without evidence of tax evasion or fraud. en-us Fri, 03 Mar 2017 00:00:00 +0530 Tue, 26 Sep 2017 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348473 The High Court upheld the Tribunal's decision to delete the disallowance of interest and commission paid by the Assessee to depositors, emphasizing that income tax is levied on actual income earned. The Court distinguished the case from a precedent involving low-interest loans to directors, finding the Assessee's transactions genuine and for business purposes. The Court dismissed the appeal, affirming that the Assessee's business decisions were within commercial expediency, rejecting attempts to interfere with such decisions or apply the "lifting of veil" doctrine without evidence of tax evasion or fraud. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348473