https://www.taxtmi.com/caselaws?id=402049 The ITAT ruled in favor of the appellant, overturning the disallowance of both sales promotion expenses and interest expenses. For sales promotion, the ITAT determined the expenses were incurred in the ordinary course of business under section 37(1) of the Act. Regarding interest expenses, the ITAT found the appellant's own funds exceeded borrowed funds, presuming the use of own funds for the flat purchase. Consequently, the ITAT directed the AO to allow the sales promotion expenses and delete the interest disallowance, effectively allowing the appeal. The judgments were pronounced on 27.10.2020 by the ITAT Mumbai. en-us Tue, 27 Oct 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402049 The ITAT ruled in favor of the appellant, overturning the disallowance of both sales promotion expenses and interest expenses. For sales promotion, the ITAT determined the expenses were incurred in the ordinary course of business under section 37(1) of the Act. Regarding interest expenses, the ITAT found the appellant's own funds exceeded borrowed funds, presuming the use of own funds for the flat purchase. Consequently, the ITAT directed the AO to allow the sales promotion expenses and delete the interest disallowance, effectively allowing the appeal. The judgments were pronounced on 27.10.2020 by the ITAT Mumbai. Case-Laws Income Tax Tue, 27 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402049