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2020 (12) TMI 676 - HC - Income TaxDisallowance of Bid loss claimed in the computation of total income in addition to Bid Loss claimed in P&L Account - the amount of Bid Loss claimed is incorrect as per provisions of section 145(1) of the Income Tax Act and is not in consonance with the Board's Notification No.69(E) dated: 25.01.2016 and Accounting Standard As 22 of ICAI - Tribunal deleted the addition - HELD THAT:- Substantial question of law is no longer res integra and the same has been answered by the decision of the Supreme Court in TAPARIA TOOLS [2015 (3) TMI 853 - SUPREME COURT] wherein held Assessee did not want spread over of this expenditure over a period of five years as in the return filed by it, it had claimed the entire interest paid upfront as deductible expenditure in the same year. In such a situation, when this course of action was permissible in law to the Assessee as it was in consonance with the provisions of the Act which permit the Assessee to claim the expenditure in the year in which it was incurred, merely because a different treatment was given in the books of accounts cannot be a factor which would deprive the Assessee from claiming the entire expenditure as a deduction. It has been held repeatedly by this Court that entries in the books of accounts are not determinative or conclusive and the matter is to be examined on the touchstone of provisions contained in the Act - As it is evident that the substantial question of law involved in this appeal is no longer res integra and the same is already answered against the revenue.
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