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SECTION 37(1) OF THE INCOME-TAX ACT, 1961 – BUSINESS EXPENDITURE – ALLOWABILITY OF

August 22, 2024

Burden of proof : Where assessee had deducted tax at source on payments made to vendors and had also maintained necessary documents in evidence of expenditure, Assessing Officer was not justified in making disallowance under section 37(1) on ground that assessee had failed to submit documentary evidences to confirm genuineness of expenditure booked – Airovient Fans & Systems (P.) Ltd. v. Deputy Commissioner of Income-tax – [2024] 165 taxmann.com 496 (Kolkata – Trib.)

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