https://www.taxtmi.com/caselaws?id=214097 The High Court upheld the decision of the Tribunal in a tax case appeal. It confirmed that the refundable contingency deposit was to be treated as part of the trading receipt, following the Supreme Court decision. The claim for deduction of specific expenses was rejected due to lack of evidence linking them to the current assessment year. The levy of interest under Section 234B was also affirmed as consequential. Ultimately, the High Court dismissed the appeal, maintaining the decisions of the lower authorities. en-us Wed, 25 Apr 2012 00:00:00 +0530 Mon, 18 Jun 2012 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214097 The High Court upheld the decision of the Tribunal in a tax case appeal. It confirmed that the refundable contingency deposit was to be treated as part of the trading receipt, following the Supreme Court decision. The claim for deduction of specific expenses was rejected due to lack of evidence linking them to the current assessment year. The levy of interest under Section 234B was also affirmed as consequential. Ultimately, the High Court dismissed the appeal, maintaining the decisions of the lower authorities. Case-Laws Income Tax Wed, 25 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214097