https://www.taxtmi.com/caselaws?id=251975 The High Court allowed the appeal, set aside the orders of the lower authorities, and directed the Assessing Authority to allow the expenditure as a set-off under Section 37(1) read with Section 28 of the Income Tax Act, 1961, as the contract was terminated, and no amounts were receivable under the contract during the relevant year. The Court emphasized that if the assessee receives any amount in the future in respect of the expenditure, it would be chargeable to income tax in the year of receipt. en-us Tue, 05 Aug 2014 00:00:00 +0530 Thu, 14 May 2015 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251975 The High Court allowed the appeal, set aside the orders of the lower authorities, and directed the Assessing Authority to allow the expenditure as a set-off under Section 37(1) read with Section 28 of the Income Tax Act, 1961, as the contract was terminated, and no amounts were receivable under the contract during the relevant year. The Court emphasized that if the assessee receives any amount in the future in respect of the expenditure, it would be chargeable to income tax in the year of receipt. Case-Laws Income Tax Tue, 05 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251975