https://www.taxtmi.com/caselaws?id=249732 The High Court of Andhra Pradesh ruled against the applicant, disallowing the deduction claim for the power tariff difference. The court emphasized the importance of clarity and finality in contractual liabilities before allowing deductions under the Income Tax Act. The decision upheld the Income Tax Officer's disallowance based on the lack of clarity on liability accrual and the need for conclusive settlement or adjudication before invoking summary power to correct errors. en-us Fri, 11 Jul 2014 00:00:00 +0530 Fri, 20 Feb 2015 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249732 The High Court of Andhra Pradesh ruled against the applicant, disallowing the deduction claim for the power tariff difference. The court emphasized the importance of clarity and finality in contractual liabilities before allowing deductions under the Income Tax Act. The decision upheld the Income Tax Officer's disallowance based on the lack of clarity on liability accrual and the need for conclusive settlement or adjudication before invoking summary power to correct errors. Case-Laws Income Tax Fri, 11 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249732