https://www.taxtmi.com/caselaws?id=66774 The Tribunal dismissed the appeal, confirming the Commissioner's jurisdiction under Section 263 of the IT Act, 1961, and upholding the disallowance of Rs. 30,500 claimed by the assessee for payment to the arbitrator in the assessment year 1981-82. The Tribunal found no legal justification for the deduction based on accounting principles, as the payments were made in prior years and no new circumstances in the relevant year supported the claim. en-us Wed, 23 Mar 1988 00:00:00 +0530 Mon, 07 Mar 2011 11:57:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66774 The Tribunal dismissed the appeal, confirming the Commissioner's jurisdiction under Section 263 of the IT Act, 1961, and upholding the disallowance of Rs. 30,500 claimed by the assessee for payment to the arbitrator in the assessment year 1981-82. The Tribunal found no legal justification for the deduction based on accounting principles, as the payments were made in prior years and no new circumstances in the relevant year supported the claim. Case-Laws Income Tax Wed, 23 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66774