Sub-brokerage payments qualify as allowable business expenditures u/s 37; A.O.'s dismissal based on invalid evidence.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction on account of sub-brokerage paid u/s 37 - Allowable business expenditure or not? - A.O. did not bring any evidence on record to dispute the correctness of the documentary evidences filed by the assessee on record. The A.O. merely following the information received from the search of another person, disbelieved the explanation of assessee, but, such fact cannot be read in evidence against the assessee. - AT....