https://www.taxtmi.com/caselaws?id=177212 The High Court dismissed the Revenue's appeal regarding the claim of maintenance costs as an expense under section 37 of the Income Tax Act for assessment years 2003-04 and 2005-06. The Tribunal upheld the order of the Ld. CIT (A) based on the principle of consistency in the assessee's accounting principles. The Court emphasized the importance of maintaining consistent accounting practices and declined to interfere, noting the rationale behind the provision for maintenance costs based on flying hours undertaken. The appeal was dismissed, considering the established accounting practice and operational requirements for aircraft maintenance. en-us Thu, 02 Feb 2012 00:00:00 +0530 Tue, 05 Jan 2016 14:48:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177212 The High Court dismissed the Revenue's appeal regarding the claim of maintenance costs as an expense under section 37 of the Income Tax Act for assessment years 2003-04 and 2005-06. The Tribunal upheld the order of the Ld. CIT (A) based on the principle of consistency in the assessee's accounting principles. The Court emphasized the importance of maintaining consistent accounting practices and declined to interfere, noting the rationale behind the provision for maintenance costs based on flying hours undertaken. The appeal was dismissed, considering the established accounting practice and operational requirements for aircraft maintenance. Case-Laws Income Tax Thu, 02 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177212