https://www.taxtmi.com/caselaws?id=250816 The tribunal upheld the disallowance of the provision for repairs and maintenance made by the assessee-company, emphasizing the lack of evidence to prove the expenditure was incurred during the relevant year. The decision was based on the principles of the mercantile system of accounting, requiring a present obligation and a reliable estimate for recognition. Despite arguments citing a crystallized liability, the tribunal ruled that the provision did not meet the criteria for deductions under section 37(1) due to insufficient proof of expenditure during the assessment year. en-us Wed, 20 Aug 2014 00:00:00 +0530 Tue, 26 Aug 2014 15:37:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250816 The tribunal upheld the disallowance of the provision for repairs and maintenance made by the assessee-company, emphasizing the lack of evidence to prove the expenditure was incurred during the relevant year. The decision was based on the principles of the mercantile system of accounting, requiring a present obligation and a reliable estimate for recognition. Despite arguments citing a crystallized liability, the tribunal ruled that the provision did not meet the criteria for deductions under section 37(1) due to insufficient proof of expenditure during the assessment year. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250816