https://www.taxtmi.com/caselaws?id=794796 An estimated disallowance of expenses against LIC commission income was upheld because the assessee kept no separate books for that business and the allowance already granted was treated as substantially meeting the claim. The Tribunal deleted disallowance of NCDEX margin-shortfall payment, holding it compensatory in nature, incurred in the ordinary course of commodity exchange business, and not hit by Explanation 1 to section 37(1). It also deleted the estimated interest disallowance under section 36(1)(iii), noting absence of any specific finding of non-business diversion of borrowings and no identifiable non-business advances. The assessee obtained partial relief. en-us Mon, 06 Jul 2026 00:00:00 +0530 Sat, 11 Jul 2026 08:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794796 An estimated disallowance of expenses against LIC commission income was upheld because the assessee kept no separate books for that business and the allowance already granted was treated as substantially meeting the claim. The Tribunal deleted disallowance of NCDEX margin-shortfall payment, holding it compensatory in nature, incurred in the ordinary course of commodity exchange business, and not hit by Explanation 1 to section 37(1). It also deleted the estimated interest disallowance under section 36(1)(iii), noting absence of any specific finding of non-business diversion of borrowings and no identifiable non-business advances. The assessee obtained partial relief. Case-Laws Income Tax Mon, 06 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794796