https://www.taxtmi.com/caselaws?id=431746 The Tribunal upheld the disallowance of deductions claimed for payments to Ramaniyam Real Estate Pvt. Ltd., Sri Aravind Enterprises, and B.J. Textile Company Ltd. The payments were deemed not to qualify as expenditures under Section 48 of the Income-tax Act, as they were viewed as diversions of sale proceeds to related parties rather than legitimate expenses connected to the property transfer. The Tribunal found the claims to be lacking in genuineness, ultimately allowing the revenue's appeal and setting aside the CIT(A)'s order. en-us Fri, 19 Aug 2022 00:00:00 +0530 Tue, 20 Dec 2022 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431746 The Tribunal upheld the disallowance of deductions claimed for payments to Ramaniyam Real Estate Pvt. Ltd., Sri Aravind Enterprises, and B.J. Textile Company Ltd. The payments were deemed not to qualify as expenditures under Section 48 of the Income-tax Act, as they were viewed as diversions of sale proceeds to related parties rather than legitimate expenses connected to the property transfer. The Tribunal found the claims to be lacking in genuineness, ultimately allowing the revenue's appeal and setting aside the CIT(A)'s order. Case-Laws Income Tax Fri, 19 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431746