https://www.taxtmi.com/caselaws?id=352155 The Tribunal dismissed the revenue's appeal and upheld the CIT(A)'s decisions on all issues. The disallowance of commission paid to M/s R.N. Forgings Pvt Ltd and three individuals was overturned due to lack of evidence and verification by the Assessing Officer. The excess interest paid and interest on loans availed were allowed as reasonable and genuine expenses for business purposes. The Tribunal stressed the significance of evidence in determining expenses and supported the assessee's position, highlighting the need to consider business decisions from a commercial standpoint rather than a revenue perspective. en-us Fri, 01 Dec 2017 00:00:00 +0530 Fri, 08 Dec 2017 09:52:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352155 The Tribunal dismissed the revenue's appeal and upheld the CIT(A)'s decisions on all issues. The disallowance of commission paid to M/s R.N. Forgings Pvt Ltd and three individuals was overturned due to lack of evidence and verification by the Assessing Officer. The excess interest paid and interest on loans availed were allowed as reasonable and genuine expenses for business purposes. The Tribunal stressed the significance of evidence in determining expenses and supported the assessee's position, highlighting the need to consider business decisions from a commercial standpoint rather than a revenue perspective. Case-Laws Income Tax Fri, 01 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352155