https://www.taxtmi.com/caselaws?id=312630 The Karnataka HC set aside ITAT orders regarding disallowance of speed money expenditure and remanded the matter for reconsideration. The Tribunal had initially observed that 10% of cash payments went to port trust officials based on loose sheets found during search, allowing 90% of speed money claims. However, in subsequent proceedings, the Tribunal contradictorily stated no findings were made regarding the nature of payments in loose sheets. The HC found this inconsistent reasoning demonstrated lack of application of mind and constituted perversity. The Tribunal failed to properly adjudicate the Revenue's challenge and instead decided matters relating to pending assessee appeals not before it, resulting in patent illegality requiring remand. en-us Thu, 02 Sep 2021 00:00:00 +0530 Wed, 28 Feb 2024 17:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312630 The Karnataka HC set aside ITAT orders regarding disallowance of speed money expenditure and remanded the matter for reconsideration. The Tribunal had initially observed that 10% of cash payments went to port trust officials based on loose sheets found during search, allowing 90% of speed money claims. However, in subsequent proceedings, the Tribunal contradictorily stated no findings were made regarding the nature of payments in loose sheets. The HC found this inconsistent reasoning demonstrated lack of application of mind and constituted perversity. The Tribunal failed to properly adjudicate the Revenue's challenge and instead decided matters relating to pending assessee appeals not before it, resulting in patent illegality requiring remand. Case-Laws Income Tax Thu, 02 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312630