https://www.taxtmi.com/caselaws?id=255547 The High Court upheld the disallowance of a contractual trading liability under Section 43B of the Income Tax Act, citing the liability as contingent upon an uncertain fact and not an allowable deduction. The Court partially allowed the appeal against the assessee. Regarding the loss incurred due to the devaluation of the Rupee, the Court found it admissible based on relevant legal principles and precedents, contrary to the Revenue's disallowance. The appeal was partly allowed in favor of the assessee. en-us Mon, 12 Jan 2015 00:00:00 +0530 Tue, 12 May 2015 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255547 The High Court upheld the disallowance of a contractual trading liability under Section 43B of the Income Tax Act, citing the liability as contingent upon an uncertain fact and not an allowable deduction. The Court partially allowed the appeal against the assessee. Regarding the loss incurred due to the devaluation of the Rupee, the Court found it admissible based on relevant legal principles and precedents, contrary to the Revenue's disallowance. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Mon, 12 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255547