https://www.taxtmi.com/caselaws?id=411069 The Tribunal upheld the decision of the ld. CIT(A) to delete the disallowance of expenses under section 37(1) of the Income Tax Act, 1961. The detailed breakdown of expenses provided by the assessee, along with the genuineness and necessity of the expenditure for business purposes, led to the dismissal of the Revenue's appeal. The Tribunal emphasized that the proportion of expenditure to business receipts does not impact the allowability of business expenses, as long as they are genuine and incurred for business purposes. en-us Thu, 12 Aug 2021 00:00:00 +0530 Tue, 17 Aug 2021 09:01:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411069 The Tribunal upheld the decision of the ld. CIT(A) to delete the disallowance of expenses under section 37(1) of the Income Tax Act, 1961. The detailed breakdown of expenses provided by the assessee, along with the genuineness and necessity of the expenditure for business purposes, led to the dismissal of the Revenue's appeal. The Tribunal emphasized that the proportion of expenditure to business receipts does not impact the allowability of business expenses, as long as they are genuine and incurred for business purposes. Case-Laws Income Tax Thu, 12 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411069