https://www.taxtmi.com/caselaws?id=121466 The Tribunal partly allowed the assessee's appeal. It reversed the CIT(A)'s decisions, allowing claims for bad debts written off, liquidated damages, and commission paid, recognizing these as legitimate business expenditures. The Tribunal also allowed the adjustment of provision for gratuity under section 115JB, deeming it an ascertained liability. However, the issue of advances written off was remanded to the Assessing Officer for further verification to determine if the assessee continued transactions with the suppliers, directing that the claim be allowed if no such transactions occurred. en-us Fri, 24 Apr 2009 00:00:00 +0530 Thu, 19 Oct 2023 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121466 The Tribunal partly allowed the assessee's appeal. It reversed the CIT(A)'s decisions, allowing claims for bad debts written off, liquidated damages, and commission paid, recognizing these as legitimate business expenditures. The Tribunal also allowed the adjustment of provision for gratuity under section 115JB, deeming it an ascertained liability. However, the issue of advances written off was remanded to the Assessing Officer for further verification to determine if the assessee continued transactions with the suppliers, directing that the claim be allowed if no such transactions occurred. Case-Laws Income Tax Fri, 24 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121466