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2014 (7) TMI 768 - HC - Income TaxPrior period expenditure - accounting policy - increase in tariff - Deduction on power tariff – Accrual of liability – Held that:- All income and expenditure are accounted on accrual basis except for provision made for power tariff – assessee was equivocal in its stand, as to the liability - it is only when the actual accrual takes place, that allowance can be permitted, irrespective of the actual payment - Such accrual would take place by the department, only when the matter is settled amicably between the parties to the contract or the adjudication has reached finality –the Tribunal rightly disallowed the amount – Decided against Assessee.
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