https://www.taxtmi.com/caselaws?id=416489 The Appellate Tribunal upheld the decisions of the Commissioner of Income Tax (Appeals) in a case involving non-apportionment of expenses with a holding company, disallowance on account of apportionment of bad debts to the holding company, and disallowance of bonus paid to employees. The Tribunal found that the expenses were appropriately apportioned based on a profit-sharing agreement, the bad debts were not subject to sharing with the holding company, and the bonus payments were legitimate business expenses under Section 37 of the Income Tax Act. The Tribunal dismissed the Revenue's appeal, affirming the deductions claimed by the assessee. en-us Thu, 23 Dec 2021 00:00:00 +0530 Thu, 30 Dec 2021 08:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416489 The Appellate Tribunal upheld the decisions of the Commissioner of Income Tax (Appeals) in a case involving non-apportionment of expenses with a holding company, disallowance on account of apportionment of bad debts to the holding company, and disallowance of bonus paid to employees. The Tribunal found that the expenses were appropriately apportioned based on a profit-sharing agreement, the bad debts were not subject to sharing with the holding company, and the bonus payments were legitimate business expenses under Section 37 of the Income Tax Act. The Tribunal dismissed the Revenue's appeal, affirming the deductions claimed by the assessee. Case-Laws Income Tax Thu, 23 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416489