https://www.taxtmi.com/caselaws?id=336145 The Court upheld the Tribunal's decision to allow deduction for payment to ONGC under disputed contractual liability, stating that the payment was necessary as ONGC had already consumed the gas. The Court also ruled in favor of the assessee on issues related to retrospective application of section 43B, allowance of depreciation on air pollution control equipments, and classification of specific expenditures as revenue expenditure. The treatment of foreign exchange fluctuation loss was left to the Assessing Officer. Overall, the Court's decision favored the assessee on multiple grounds, providing clarity and upholding the Tribunal's rulings. en-us Tue, 28 Jun 2016 00:00:00 +0530 Thu, 15 Dec 2016 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336145 The Court upheld the Tribunal's decision to allow deduction for payment to ONGC under disputed contractual liability, stating that the payment was necessary as ONGC had already consumed the gas. The Court also ruled in favor of the assessee on issues related to retrospective application of section 43B, allowance of depreciation on air pollution control equipments, and classification of specific expenditures as revenue expenditure. The treatment of foreign exchange fluctuation loss was left to the Assessing Officer. Overall, the Court's decision favored the assessee on multiple grounds, providing clarity and upholding the Tribunal's rulings. Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336145