https://www.taxtmi.com/caselaws?id=773032 The HC upheld ITAT's decision allowing the assessee's appeal regarding mutual fund promotion and IPO expenditure. The court rejected the AO's disallowance, ruling that the AO cannot substitute his judgment for the assessee's business decisions on expense necessity and reasonableness. Following Mahindra and Mahindra Ltd precedent, the court held that expenditure incurred for commercial expediency with established business nexus should be treated as legitimate business expenditure eligible for deduction. The expenses were deemed wholly incurred for business purposes and directly relatable to the assessee's business activities. en-us Tue, 10 Jun 2025 00:00:00 +0530 Tue, 10 Mar 2026 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773032 The HC upheld ITAT's decision allowing the assessee's appeal regarding mutual fund promotion and IPO expenditure. The court rejected the AO's disallowance, ruling that the AO cannot substitute his judgment for the assessee's business decisions on expense necessity and reasonableness. Following Mahindra and Mahindra Ltd precedent, the court held that expenditure incurred for commercial expediency with established business nexus should be treated as legitimate business expenditure eligible for deduction. The expenses were deemed wholly incurred for business purposes and directly relatable to the assessee's business activities. Case-Laws Income Tax Tue, 10 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773032