https://www.taxtmi.com/caselaws?id=752432 The ITAT Delhi allowed the assessee's appeal regarding expense disallowances. The tribunal held that when books of accounts are not rejected by Revenue for specific defects, ad hoc disallowances cannot be made. Administrative expenses totaling Rs. 58.64 lakhs against turnover of Rs. 160.46 crores were reinstated as they were incurred wholly for business purposes. Interest on genuine unsecured loans was allowed as deduction since loans were accepted as genuine and utilized for business. Purchase differences with suppliers were resolved through proper reconciliation showing matching closing balances, confirming no adverse inference warranted. en-us Mon, 06 May 2024 00:00:00 +0530 Fri, 10 May 2024 06:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752432 The ITAT Delhi allowed the assessee's appeal regarding expense disallowances. The tribunal held that when books of accounts are not rejected by Revenue for specific defects, ad hoc disallowances cannot be made. Administrative expenses totaling Rs. 58.64 lakhs against turnover of Rs. 160.46 crores were reinstated as they were incurred wholly for business purposes. Interest on genuine unsecured loans was allowed as deduction since loans were accepted as genuine and utilized for business. Purchase differences with suppliers were resolved through proper reconciliation showing matching closing balances, confirming no adverse inference warranted. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752432