https://www.taxtmi.com/caselaws?id=462401 The Tribunal dismissed the Revenue's appeal challenging the deletion of Rs. 2,27,93,362 expenditure disallowance under section 37(1) of the Income Tax Act. The AO had disallowed the expenditure claiming creditors were bogus and transactions were not genuine. However, the Tribunal found that creditors had responded to section 133(6) notices with confirmations, declared receipts in their tax returns, and the assessee had deducted TDS on payments. The Tribunal held that the AO's suspicion lacked concrete evidence, while the assessee successfully proved the genuineness of specialized services rendered by creditors for its air charter business through documentary evidence and reconciliation statements. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 19 Jun 2025 18:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462401 The Tribunal dismissed the Revenue's appeal challenging the deletion of Rs. 2,27,93,362 expenditure disallowance under section 37(1) of the Income Tax Act. The AO had disallowed the expenditure claiming creditors were bogus and transactions were not genuine. However, the Tribunal found that creditors had responded to section 133(6) notices with confirmations, declared receipts in their tax returns, and the assessee had deducted TDS on payments. The Tribunal held that the AO's suspicion lacked concrete evidence, while the assessee successfully proved the genuineness of specialized services rendered by creditors for its air charter business through documentary evidence and reconciliation statements. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462401