GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (7) TMI 1045 - CALCUTTA HIGH COURT

2016 (7) TMI 1045 - CALCUTTA HIGH COURT - TMI - Addition of outstanding electricity fuel surcharge which was an ascertained liability - Whether the expenditure on account of arrear fuel surcharges levied by Bihar State Electricity for provisions was made by the appellant in its profit and loss account is an ascertained and known liability but demand of which was made after close of the accounting year is allowable as business expenditure in the relevant assessment year under Section 37 of the Ac .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

refore, the ground assigned by the Assessing officer, CIT and the Tribunal is altogether untenable. In that view of the matter, the appeal is allowed. Both the questions are answered accordingly in favour of the assessee. - ITAT 112 of 2011, ITA 124 of 2011 - Dated:- 27-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Assessee : Mr. J.P.Khaitan,Sr. Advocate Mr. A.K.Dey,Advocate Mr. Moloy Dhar,Advocate For the Revenue : Mr. S.N.Dutta,Advocate Mr. P.Dudhoria,Advocate ORDER The Court : - T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on of ₹ 16,86,355/- which was debited in the profit and loss account of the petitioner as provision for outstanding electricity fuel surcharges which was an ascertained liability and as such, the same should have been allowed as business expenditure under Section 37(1) of the Act. (ii) Whether the expenditure on account of arrear fuel surcharges levied by Bihar State Electricity for provisions was made by the appellant in its profit and loss account is an ascertained and known liability bu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

it by a letter dated 8th March, 1995. By the letter dated 8th March, 1995, Bihar State Electricity Board also permitted the consumers to pay the arrears in instalments. Since the quantity of units consumed was known and the applicable rate of surcharge was made known by the letter dated 8th March, 1995, the assessee during the financial year 1994-95 made provision for a sum of ₹ 16,86,355/-. The Assessing Officer was of the opinion that the deduction was not permissible in the financial ye .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version