https://www.taxtmi.com/caselaws?id=211114 The High Court upheld the ITAT's decision to delete the addition of Rs.50,00,000 under Section 41(1) of the Income Tax Act, finding that the provision for Contingency Amount was not a trading liability and was not debited in the profit and loss account. The Court also provided guidance on the computation of disallowance under Section 14A of the Act, directing the Assessing Officer to apply the judgment of the Delhi High Court in ITA No. 687/2009. The appeal was dismissed without costs, with no substantial question of law arising from the matter. en-us Thu, 23 Feb 2012 00:00:00 +0530 Wed, 12 Dec 2012 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211114 The High Court upheld the ITAT's decision to delete the addition of Rs.50,00,000 under Section 41(1) of the Income Tax Act, finding that the provision for Contingency Amount was not a trading liability and was not debited in the profit and loss account. The Court also provided guidance on the computation of disallowance under Section 14A of the Act, directing the Assessing Officer to apply the judgment of the Delhi High Court in ITA No. 687/2009. The appeal was dismissed without costs, with no substantial question of law arising from the matter. Case-Laws Income Tax Thu, 23 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211114