https://www.taxtmi.com/caselaws?id=779627 ITAT, DELHI (AT) upheld the appellate authority's deletion of an ad hoc disallowance where the AO had not doubted genuineness of expenses and failed to consider business context (increase in vessels and related rise in repairs; legitimate tour expenses). ITAT also sustained rejection of an addition for alleged inflated purchase value of two vessels, accepting audited transferor carrying value and independent valuer reports, and noting the assessee's recorded cost was below original USD purchase price and affected by rupee devaluation. No interference with CIT(A)'s conclusions. en-us Tue, 30 Sep 2025 00:00:00 +0530 Thu, 09 Oct 2025 08:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779627 ITAT, DELHI (AT) upheld the appellate authority's deletion of an ad hoc disallowance where the AO had not doubted genuineness of expenses and failed to consider business context (increase in vessels and related rise in repairs; legitimate tour expenses). ITAT also sustained rejection of an addition for alleged inflated purchase value of two vessels, accepting audited transferor carrying value and independent valuer reports, and noting the assessee's recorded cost was below original USD purchase price and affected by rupee devaluation. No interference with CIT(A)'s conclusions. Case-Laws Income Tax Tue, 30 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779627