https://www.taxtmi.com/caselaws?id=770625 Gujarat HC dismissed assessee's appeal regarding allowable expenditure under "debtors" head. The Tribunal correctly held that debt/payment shown in seized loose papers A-15 was not allowable expenditure as it was neither a back date claim nor discount/commission. Without evidence supporting assessee's contention of general trade practice allowing 30-40% cash discount, and considering payments included non-revenue items like term loan repayments and investments, the Tribunal rightly concluded such payments were not deductible expenditure. HC upheld Tribunal's factual findings as not perverse, answering questions in favor of Revenue. en-us Wed, 09 Apr 2025 00:00:00 +0530 Wed, 14 May 2025 07:48:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770625 Gujarat HC dismissed assessee's appeal regarding allowable expenditure under "debtors" head. The Tribunal correctly held that debt/payment shown in seized loose papers A-15 was not allowable expenditure as it was neither a back date claim nor discount/commission. Without evidence supporting assessee's contention of general trade practice allowing 30-40% cash discount, and considering payments included non-revenue items like term loan repayments and investments, the Tribunal rightly concluded such payments were not deductible expenditure. HC upheld Tribunal's factual findings as not perverse, answering questions in favor of Revenue. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770625