Reasonableness of Business Expenditure should be Judged from the point of view of Businessman and not Revenue: ITAT [Read Order]
The tribunal allowed the claim of the assessee, stating that legitimate deductions under Section 80C should not be disallowed without proper justification
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal, emphasising that the reasonableness of business expenditure should be judged from the point of view of the businessman and not the Revenue. The appeal was directed against the assessment order passed by the Assessing Officer ( AO ) under Section 143(3)…
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