https://www.taxtmi.com/caselaws?id=312697 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions on all issues. It concluded that the disallowance of bank interest expenses was unwarranted as the loan was used for business purposes. Similarly, the disallowance of legal and professional fees and warehousing and demurrage charges was unjustified, as the expenses were incurred for maintaining the business establishment, even without active operations. The Tribunal found no evidence of personal or bogus expenditures, validating the appellant's claims that the expenses were wholly and exclusively for business purposes. The judgment was rendered on September 23, 2019. en-us Mon, 23 Sep 2019 00:00:00 +0530 Sat, 02 Mar 2024 20:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312697 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions on all issues. It concluded that the disallowance of bank interest expenses was unwarranted as the loan was used for business purposes. Similarly, the disallowance of legal and professional fees and warehousing and demurrage charges was unjustified, as the expenses were incurred for maintaining the business establishment, even without active operations. The Tribunal found no evidence of personal or bogus expenditures, validating the appellant's claims that the expenses were wholly and exclusively for business purposes. The judgment was rendered on September 23, 2019. Case-Laws Income Tax Mon, 23 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312697