https://www.taxtmi.com/caselaws?id=359592 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision that the excess payment made by the assessee to cane growers was a legitimate business expense. The Court agreed with this assessment, considering the nature of the business and the ascertained liability, dismissing the Revenue's appeal. The Court emphasized that the excess payment should be treated as an allowable expenditure due to the accounting system and business reliance on sugarcane supplies, ruling in favor of the assessee on all substantial questions of law. en-us Tue, 10 Apr 2018 00:00:00 +0530 Wed, 02 May 2018 06:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359592 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision that the excess payment made by the assessee to cane growers was a legitimate business expense. The Court agreed with this assessment, considering the nature of the business and the ascertained liability, dismissing the Revenue's appeal. The Court emphasized that the excess payment should be treated as an allowable expenditure due to the accounting system and business reliance on sugarcane supplies, ruling in favor of the assessee on all substantial questions of law. Case-Laws Income Tax Tue, 10 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359592