Reasonableness of Business Expenditure should be Judged from the point of view of Businessman and not

The article discusses how the reasonableness of business expenditure should be judged from the perspective of a businessman rather than solely from a revenue standpoint, according to the Income Tax Appellate Tribunal (ITAT). The tribunal emphasized that expenses incurred for the smooth conduct of business operations should be viewed with practicality and realism, aligning with the expectations and standards of business conduct. This approach ensures a fair assessment of business expenses in income tax matters, promoting a balanced interpretation beneficial to taxpayers.