https://www.taxtmi.com/article/detailed?id=7906 Estimated disallowance of business expenses focuses on the evidentiary standard and the role of internal check, control and audit systems. Absence of recipient level details and supporting documents led to disallowance of business promotion payments, while on site verification informed partial acceptance of local area development outlays. Taxpayers, including professionally managed companies, must maintain and produce specific contemporaneous records and pursue appellate remedies to substantiate claimed business expenditures and avoid speculative assessments. en-us Tue, 06 Mar 2018 06:28:32 +0530 Tue, 06 Mar 2018 06:28:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7906 Estimated disallowance of business expenses focuses on the evidentiary standard and the role of internal check, control and audit systems. Absence of recipient level details and supporting documents led to disallowance of business promotion payments, while on site verification informed partial acceptance of local area development outlays. Taxpayers, including professionally managed companies, must maintain and produce specific contemporaneous records and pursue appellate remedies to substantiate claimed business expenditures and avoid speculative assessments. Articles Income Tax Tue, 06 Mar 2018 06:28:32 +0530 https://www.taxtmi.com/article/detailed?id=7906