https://www.taxtmi.com/caselaws?id=210330 The ITAT Mumbai partially allowed the appeal, directing the deletion of the disallowed contingent liability of Rs. 1,07,83,402 arising from poor quality raw material supplied by a vendor. The ITAT emphasized the need to account for known liabilities, rejecting the argument that the liability crystallized later. Additionally, the ITAT remitted the challenge against the levy of interest under sections 234A, B & C back to the CIT (A) for fresh adjudication, stressing the requirement for a speaking order and providing the appellant with a hearing opportunity. en-us Tue, 31 May 2011 00:00:00 +0530 Wed, 08 Feb 2012 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210330 The ITAT Mumbai partially allowed the appeal, directing the deletion of the disallowed contingent liability of Rs. 1,07,83,402 arising from poor quality raw material supplied by a vendor. The ITAT emphasized the need to account for known liabilities, rejecting the argument that the liability crystallized later. Additionally, the ITAT remitted the challenge against the levy of interest under sections 234A, B & C back to the CIT (A) for fresh adjudication, stressing the requirement for a speaking order and providing the appellant with a hearing opportunity. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210330