https://www.taxtmi.com/caselaws?id=253159 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, dismissing the revenue's appeal on all four grounds. It found that the disallowances made by the Assessing Officer were unjustified as the expenses were deemed legitimate and necessary for the business purposes of the assessee. The Tribunal confirmed that the liabilities were not contingent but had crystallized, allowing for the expenses to be claimed as deductions under the Income Tax Act. en-us Fri, 18 Jul 2014 00:00:00 +0530 Mon, 17 Nov 2014 06:14:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253159 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, dismissing the revenue's appeal on all four grounds. It found that the disallowances made by the Assessing Officer were unjustified as the expenses were deemed legitimate and necessary for the business purposes of the assessee. The Tribunal confirmed that the liabilities were not contingent but had crystallized, allowing for the expenses to be claimed as deductions under the Income Tax Act. Case-Laws Income Tax Fri, 18 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253159