https://www.taxtmi.com/caselaws?id=395204 The High Court ruled in favor of the appellant partnership firm, quashing the lower authorities' disallowance of claimed discounts and rebates. The judgment emphasized the necessity of establishing a direct nexus between business expenditure and purpose, asserting that the Revenue cannot intervene arbitrarily in determining reasonable business expenses. The Court highlighted that the Assessing Officer lacked justification for disallowing the claimed amounts based on fluctuations in discounts and rebates without substantial evidence, ultimately siding with the appellant on the disputed expenditures. en-us Thu, 12 Mar 2020 00:00:00 +0530 Mon, 11 May 2020 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395204 The High Court ruled in favor of the appellant partnership firm, quashing the lower authorities' disallowance of claimed discounts and rebates. The judgment emphasized the necessity of establishing a direct nexus between business expenditure and purpose, asserting that the Revenue cannot intervene arbitrarily in determining reasonable business expenses. The Court highlighted that the Assessing Officer lacked justification for disallowing the claimed amounts based on fluctuations in discounts and rebates without substantial evidence, ultimately siding with the appellant on the disputed expenditures. Case-Laws Income Tax Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395204