https://www.taxtmi.com/caselaws?id=182872 Liabilities arising from contractual, operational, or regulatory obligations in airline business, when capable of reasonable scientific estimation, are treated as accrued and deductible rather than contingent. The note also covers that renovation of furniture and interior consultancy for premises not owned by the assessee may be revenue expenditure, depreciation principles for aircraft under hire purchase, and treatment of employee accommodation, presentation articles, provident fund and ESIC contributions paid within the grace period, and lease rentals paid to a non-resident without tax deduction where authorisation existed. It further notes that business-linked short-term deposit interest may be assessed as business income, and genuine provision for obsolescence may not be added back in book profit computation. en-us Tue, 30 May 2006 00:00:00 +0530 Tue, 05 Mar 2024 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182872 Liabilities arising from contractual, operational, or regulatory obligations in airline business, when capable of reasonable scientific estimation, are treated as accrued and deductible rather than contingent. The note also covers that renovation of furniture and interior consultancy for premises not owned by the assessee may be revenue expenditure, depreciation principles for aircraft under hire purchase, and treatment of employee accommodation, presentation articles, provident fund and ESIC contributions paid within the grace period, and lease rentals paid to a non-resident without tax deduction where authorisation existed. It further notes that business-linked short-term deposit interest may be assessed as business income, and genuine provision for obsolescence may not be added back in book profit computation. Case-Laws Income Tax Tue, 30 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182872