https://www.taxtmi.com/caselaws?id=222089 The High Court directed the Tribunal to determine whether the expenses claimed by the Corporation had crystallized during the assessment year under the mercantile system of accounting. The Court emphasized that expenses related to prior years must be quantified and crystallized in the current year to be allowable deductions. The matter was remitted back to the Tribunal for a fresh assessment, allowing all parties to present their case. The Tribunal was instructed to record findings on the crystallization of expenses within three months, with further proceedings scheduled for July 2013. en-us Thu, 14 Mar 2013 00:00:00 +0530 Mon, 01 Apr 2013 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222089 The High Court directed the Tribunal to determine whether the expenses claimed by the Corporation had crystallized during the assessment year under the mercantile system of accounting. The Court emphasized that expenses related to prior years must be quantified and crystallized in the current year to be allowable deductions. The matter was remitted back to the Tribunal for a fresh assessment, allowing all parties to present their case. The Tribunal was instructed to record findings on the crystallization of expenses within three months, with further proceedings scheduled for July 2013. Case-Laws Income Tax Thu, 14 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222089