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2015 (1) TMI 746 - HC - Income TaxContractual trading liability - disallowance under Section 43B - Held that:- The amount is not an ascertained liability. The Court held that such liability is contingent upon an uncertain fact and, therefore, deduction claimed by the assessee was not permissible in view of Section 43B of the Income Tax Act. See Oswal Agro Mills Ltd. vs. Commissioner of Income Tax [2014 (2) TMI 378 - DELHI HIGH COURT ] - Decided against assessee. Disallowance of loss incurred on account of devaluation of Rupee - Held that:- Loss incurred on account of devaluation of Rupee is governed by the ruling in CIT vs. Woodword Governor India Pvt. Ltd. (2009 (4) TMI 4 - SUPREME COURT ) wherein held the loss incurred is clearly admissible and the disallowance made by the Revenue was not justified. Decided in favour of assessee.
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