https://www.taxtmi.com/caselaws?id=64171 A trading liability was treated as deductible when it accrued to the assessee firm in the relevant year, even though it related to an earlier period, was disputed, or was to be met from a designated fund. The write-off on discarded furniture and fixtures was disallowed because the claimed sale and resulting loss were not satisfactorily proved and were considered notional rather than actual. Expenses on Bombay flat travel were allowed where the partners travelled there only for business and no material showed personal use. Retainer fees paid to chartered accountants were held outside the scope of the statutory bar on litigation-related fees. Penalties, petty fines, and compensatory damages under the Employees Provident Fund Act were also treated as allowable business expenditure. en-us Wed, 18 Sep 1985 00:00:00 +0530 Sat, 05 Feb 2011 12:16:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64171 A trading liability was treated as deductible when it accrued to the assessee firm in the relevant year, even though it related to an earlier period, was disputed, or was to be met from a designated fund. The write-off on discarded furniture and fixtures was disallowed because the claimed sale and resulting loss were not satisfactorily proved and were considered notional rather than actual. Expenses on Bombay flat travel were allowed where the partners travelled there only for business and no material showed personal use. Retainer fees paid to chartered accountants were held outside the scope of the statutory bar on litigation-related fees. Penalties, petty fines, and compensatory damages under the Employees Provident Fund Act were also treated as allowable business expenditure. Case-Laws Income Tax Wed, 18 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64171