https://www.taxtmi.com/caselaws?id=253483 The High Court upheld the deduction of the loss claimed by the assessee due to non-delivery of goods in transit. The Court found the liability to be crystallized, passing title to the assessee upon inspection and loading. The loss was recognized in the relevant financial year and reflected in the books of accounts, making the assessee eligible for the deduction. The Court dismissed all appeals, affirming the treatment of the amount as an expenditure and loss incurred by the assessee, rejecting the revenue's appeal. en-us Fri, 10 Oct 2014 00:00:00 +0530 Wed, 26 Nov 2014 08:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253483 The High Court upheld the deduction of the loss claimed by the assessee due to non-delivery of goods in transit. The Court found the liability to be crystallized, passing title to the assessee upon inspection and loading. The loss was recognized in the relevant financial year and reflected in the books of accounts, making the assessee eligible for the deduction. The Court dismissed all appeals, affirming the treatment of the amount as an expenditure and loss incurred by the assessee, rejecting the revenue's appeal. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253483