HC rejected the assessee's claim for expenditure under 'debtors' ...

Assessee's Claim for Debtors' Expenditure Rejected Due to Lack of Substantive Evidence Under Section 260A

May 14, 2025

Case Laws Income Tax HC

HC rejected the assessee's claim for expenditure under 'debtors' head, finding insufficient evidence to support alleged trade practice of cash discounts. The Tribunal's findings were upheld, determining that the payments included non-revenue items like loan repayments and investments. The court concluded that without substantive proof of legitimate business expenditure, the original assessment stands. Appeals under Section 260A were dismissed, with questions answered in favor of the Revenue and against the assessee, affirming the Tribunal's original determination of non-allowable expenditure.

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HC rejected the assessee's claim for expenditure under 'debtors' ...

Assessee's Claim for Debtors' Expenditure Rejected Due to Lack of Substantive Evidence Under Section 260A

May 14, 2025

Case Laws Income Tax HC

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