Financial health can never be a criterion to judge allowability of an expense

IN THE ITAT Mumbai Bench ‘K’ Thyssen Krupp Industries India (P.) Ltd. Versus Assistant Commissioner of Income-tax IT APPEAL NO. 7032 (MUM.) OF 2011 [ASSESSMENT YEAR 2007-08] NOVEMBER 27, 2012 ORDER Per Bench  This is an assessee’s appeal against the order of AO under section 143(3) r.w. section 144C(13) dated 29.09.2011 in pursuance of the directions of the Dispute Resolution Panel (DRP). In the course of appeal proceedings, assessee filed the revised and concise grounds of appeal which are as under:  1.  “The Asstt. Commissioner of Income Tax –...