https://www.taxtmi.com/caselaws?id=408191 The Tribunal allowed the appeal, overturning the disallowance of business loss and managerial remuneration. Emphasizing the need for genuine business activities and proper tax assessment, the Tribunal set aside the CIT(A)'s decision. It considered the managerial remuneration as a valid business expense, following a precedent from a similar case for AY 2012-13. The decision underscored the importance of commercial expediency and preventing tax avoidance schemes through accurate assessment of tax liabilities. en-us Fri, 19 Mar 2021 00:00:00 +0530 Wed, 02 Jun 2021 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408191 The Tribunal allowed the appeal, overturning the disallowance of business loss and managerial remuneration. Emphasizing the need for genuine business activities and proper tax assessment, the Tribunal set aside the CIT(A)'s decision. It considered the managerial remuneration as a valid business expense, following a precedent from a similar case for AY 2012-13. The decision underscored the importance of commercial expediency and preventing tax avoidance schemes through accurate assessment of tax liabilities. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408191