https://www.taxtmi.com/caselaws?id=10045 The High Court upheld the Tribunal's decision to disallow lease rent paid to a sister concern, finding the transactions were not genuine and aimed at diverting profits. The Court noted the lack of evidence supporting a business purpose and concluded no substantial legal question arose. Additionally, the Court clarified the Assessing Officer could reassess the lease rent's admissibility in subsequent years. en-us Fri, 02 Jul 2004 00:00:00 +0530 Mon, 06 Jul 2009 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10045 The High Court upheld the Tribunal's decision to disallow lease rent paid to a sister concern, finding the transactions were not genuine and aimed at diverting profits. The Court noted the lack of evidence supporting a business purpose and concluded no substantial legal question arose. Additionally, the Court clarified the Assessing Officer could reassess the lease rent's admissibility in subsequent years. Case-Laws Income Tax Fri, 02 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10045