https://www.taxtmi.com/caselaws?id=155015 The Appellate Tribunal ITAT CHENNAI allowed the deduction for storage charges paid by the assessee company under section 37 of the Income-tax Act, 1961. Despite the inability to utilize the storage facility due to government prohibition on kerosene oil import, the Tribunal considered the payment as a revenue expenditure incurred in the course of business activities. The Tribunal held that the loss incurred by the assessee was a normal business risk and deductible, directing the assessing authority to revise the taxable income computation by deducting the sum of Rs. 20,36,160 for the assessment year 2004-05. en-us Thu, 12 Jan 2012 00:00:00 +0530 Sat, 31 Aug 2013 11:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155015 The Appellate Tribunal ITAT CHENNAI allowed the deduction for storage charges paid by the assessee company under section 37 of the Income-tax Act, 1961. Despite the inability to utilize the storage facility due to government prohibition on kerosene oil import, the Tribunal considered the payment as a revenue expenditure incurred in the course of business activities. The Tribunal held that the loss incurred by the assessee was a normal business risk and deductible, directing the assessing authority to revise the taxable income computation by deducting the sum of Rs. 20,36,160 for the assessment year 2004-05. Case-Laws Income Tax Thu, 12 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155015