Court held that the Tribunal without giving any acceptable finding, had come to the conclusion that a sum of Rs.1,89,08,394 should be treated as business expenditure. That apart, the assessee also failed to produce any documentary evidence to justify its claim under section 37(1). Matter remanded to Commissioner (Appeals). (AY. 2005-06)
CIT v. Soundarya Decorators Pvt. Ltd. (2021) 435 ITR 70 / 281 Taxman 345 (Mad.)(HC)
S. 37(1) : Business expenditure-Premium for Keyman Insurance policies-Failure to prove for the purpose of business-Matter remanded to CIT(A). [S.254 (1)]