https://www.taxtmi.com/caselaws?id=397862 The Tribunal partially allowed the appeal, permitting the assessee's claim for expenses in M/s. Raunak Agency and remanding the alternative claims concerning M/s. Amber Agency back to the assessing officer for further review. The decision underscored the significance of unity of control and common management in assessing the deductibility of business expenses and losses, diverging from the lower authorities' disallowances based on cessation of business activities and characterization of transactions as loans rather than debts. en-us Wed, 27 May 2020 00:00:00 +0530 Mon, 31 Aug 2020 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397862 The Tribunal partially allowed the appeal, permitting the assessee's claim for expenses in M/s. Raunak Agency and remanding the alternative claims concerning M/s. Amber Agency back to the assessing officer for further review. The decision underscored the significance of unity of control and common management in assessing the deductibility of business expenses and losses, diverging from the lower authorities' disallowances based on cessation of business activities and characterization of transactions as loans rather than debts. Case-Laws Income Tax Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397862