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2018 (6) TMI 213 - ITAT KOLKATADisallowance of business loss on the ground of prior period expense - crystalization of liability - Year of allowability - Held that:- It is very clear that the liability of expenditure is to be considered in the year in which it is finally settled for expenditure - In view of the judgement in case of COMMISSIONER OF INCOME-TAX VERSUS RAJ MOTORS. [2005 (9) TMI 49 - ALLAHABAD HIGH COURT] held that nature of the liability was a contractual liability finally settled in AY 2008-09 therefore CIT(A) is justified in allowing the same - Decided in favor of assessee.
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