https://www.taxtmi.com/caselaws?id=176175 The High Court allowed the appeal, setting aside the Tribunal's decision and remanding the case for reconsideration based on recognized principles of accountancy. The Court emphasized the importance of following established methods in claiming deductions under sections 36(vii) and 36(viia) of the Income-tax Act to prevent prejudicial exercises of power. The Tribunal's failure to adhere to recognized principles and reliance on unsupported illustrations led to the Court's decision to ensure accurate deduction claims aligned with authoritative guidance. en-us Mon, 28 Mar 2005 00:00:00 +0530 Wed, 16 Dec 2015 10:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176175 The High Court allowed the appeal, setting aside the Tribunal's decision and remanding the case for reconsideration based on recognized principles of accountancy. The Court emphasized the importance of following established methods in claiming deductions under sections 36(vii) and 36(viia) of the Income-tax Act to prevent prejudicial exercises of power. The Tribunal's failure to adhere to recognized principles and reliance on unsupported illustrations led to the Court's decision to ensure accurate deduction claims aligned with authoritative guidance. Case-Laws Income Tax Mon, 28 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176175