https://www.taxtmi.com/caselaws?id=270998 The court held that the Income Tax Appellate Tribunal (ITAT) erred in confirming the disallowance of the amount on account of liability of license fee and interest on arrears of license fee payable to NDMC for running the business at Chanakya Cinema. It ruled in favor of the Assessee, stating that the liability was ascertained and deductible under the mercantile system of accounting. The court criticized the Revenue for inconsistency in its treatment of the Assessee's claims over different assessment years and allowed the appeals without costs. en-us Thu, 21 Jan 2016 00:00:00 +0530 Tue, 03 May 2016 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270998 The court held that the Income Tax Appellate Tribunal (ITAT) erred in confirming the disallowance of the amount on account of liability of license fee and interest on arrears of license fee payable to NDMC for running the business at Chanakya Cinema. It ruled in favor of the Assessee, stating that the liability was ascertained and deductible under the mercantile system of accounting. The court criticized the Revenue for inconsistency in its treatment of the Assessee's claims over different assessment years and allowed the appeals without costs. Case-Laws Income Tax Thu, 21 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270998