https://www.taxtmi.com/caselaws?id=266162 The ITAT Chennai directed the Assessing Officer to disallow only the outstanding amount at the end of the assessment year under section 40(a)(ia) of the Income Tax Act, emphasizing the term "payable." The appeal was partly allowed for statistical purposes, with the issue remitted for fresh consideration in line with the ITAT Chennai's interpretation. The judgment clarified that section 40(a)(ia) applies only to expenses that are outstanding at the end of the assessment year, following precedents set by the Special Bench of the Tribunal and the High Court of Allahabad. en-us Fri, 19 Jun 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266162 The ITAT Chennai directed the Assessing Officer to disallow only the outstanding amount at the end of the assessment year under section 40(a)(ia) of the Income Tax Act, emphasizing the term "payable." The appeal was partly allowed for statistical purposes, with the issue remitted for fresh consideration in line with the ITAT Chennai's interpretation. The judgment clarified that section 40(a)(ia) applies only to expenses that are outstanding at the end of the assessment year, following precedents set by the Special Bench of the Tribunal and the High Court of Allahabad. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266162