https://www.taxtmi.com/caselaws?id=238783 Audited accounts and consistent accounting practice supported the assessee's claims for transmission expenses, write-off of intangible assets and bond interest, interest paid on loans shown against fictitious assets, and apportionment of common establishment expenses. The Revenue could not sustain disallowance or enhancement of capitalization on mere conjecture or general apprehension; it had to identify a specific and rational basis for rejecting the expenditure or the accounting method. Where the liability was subsisting, the expenditure was vouched, and the method had been consistently accepted in earlier years and in industry practice, the adjustments were treated as unjustified and the claims were held allowable. en-us Fri, 25 Oct 2013 00:00:00 +0530 Thu, 31 Oct 2013 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238783 Audited accounts and consistent accounting practice supported the assessee's claims for transmission expenses, write-off of intangible assets and bond interest, interest paid on loans shown against fictitious assets, and apportionment of common establishment expenses. The Revenue could not sustain disallowance or enhancement of capitalization on mere conjecture or general apprehension; it had to identify a specific and rational basis for rejecting the expenditure or the accounting method. Where the liability was subsisting, the expenditure was vouched, and the method had been consistently accepted in earlier years and in industry practice, the adjustments were treated as unjustified and the claims were held allowable. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238783