https://www.taxtmi.com/caselaws?id=449432 ITAT Delhi upheld CIT(A)'s decision allowing various business expenses. The tribunal dismissed revenue's appeal regarding security charges on loans, finding expenditure was wholly for business purposes. Interest payments to two companies were allowed - one mandated by HC direction following arbitration, another for legitimate business advance for land acquisition. Professional charges for loan procurement, foreign currency fluctuation expenses after hedging benefits, and facility management charges were permitted as revenue expenditure. Adhoc 20% disallowance was deleted lacking specific defects. Section 36(1)(iii) disallowance on advances was removed as amounts were given in previous financial year without adverse inference taken earlier. en-us Thu, 08 Feb 2024 00:00:00 +0530 Mon, 12 Feb 2024 05:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449432 ITAT Delhi upheld CIT(A)'s decision allowing various business expenses. The tribunal dismissed revenue's appeal regarding security charges on loans, finding expenditure was wholly for business purposes. Interest payments to two companies were allowed - one mandated by HC direction following arbitration, another for legitimate business advance for land acquisition. Professional charges for loan procurement, foreign currency fluctuation expenses after hedging benefits, and facility management charges were permitted as revenue expenditure. Adhoc 20% disallowance was deleted lacking specific defects. Section 36(1)(iii) disallowance on advances was removed as amounts were given in previous financial year without adverse inference taken earlier. Case-Laws Income Tax Thu, 08 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449432