Expenditure relating to import of rubber process oil incurred for carrying on business is deductible u/s 37(1)

Indian Synthetic Rubber Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that expenses in relation to import of rubber process oil, loss on price fluctuation, freight and retention charges are incurred in the course of carrying on business and hence allowable as deduction u/s 37(1) of the Income Tax Act. Facts- This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-22 [hereinafter referred to CIT (Appeals)] New Delhi, dated 19.03.2019 for assessment year 2014-15 in sustaining the disallowance of Rs.1,38,97,606/- on account of freight and exchange var...