https://www.taxtmi.com/caselaws?id=437416 The appeal of the assessee, a Joint Venture Company, was successful in challenging the disallowance of Rs.1,38,97,606/- under section 37(1) of the Income Tax Act. The disallowed expenses related to freight and exchange variation on import and export of Rubber Process Oil were deemed necessary for the business and not for any legal infringement. The Tribunal directed the Assessing Officer to delete the disallowed expenses and confirmed that penalties and compounding fees had already been appropriately dealt with in the income computation. en-us Thu, 04 May 2023 00:00:00 +0530 Fri, 05 May 2023 08:51:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437416 The appeal of the assessee, a Joint Venture Company, was successful in challenging the disallowance of Rs.1,38,97,606/- under section 37(1) of the Income Tax Act. The disallowed expenses related to freight and exchange variation on import and export of Rubber Process Oil were deemed necessary for the business and not for any legal infringement. The Tribunal directed the Assessing Officer to delete the disallowed expenses and confirmed that penalties and compounding fees had already been appropriately dealt with in the income computation. Case-Laws Income Tax Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437416