https://www.taxtmi.com/caselaws?id=345421 The Tribunal allowed the appeal, overturning the disallowance of a prior period expenditure of Rs. 24,84,082 by the CIT(A) and the Assessing Officer. The Tribunal emphasized the consistent practice of booking expenses, the nature of the expenses, and adherence to the mercantile system of accounting. It noted that the expenses had arisen and crystallized in the current year, justifying their deduction. The Tribunal referenced past decisions, highlighting the year of crystallization of liability. Consequently, the Tribunal directed the deletion of the disallowance amount from the appellant's total income for the relevant year. en-us Mon, 29 May 2017 00:00:00 +0530 Mon, 17 Jul 2017 11:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345421 The Tribunal allowed the appeal, overturning the disallowance of a prior period expenditure of Rs. 24,84,082 by the CIT(A) and the Assessing Officer. The Tribunal emphasized the consistent practice of booking expenses, the nature of the expenses, and adherence to the mercantile system of accounting. It noted that the expenses had arisen and crystallized in the current year, justifying their deduction. The Tribunal referenced past decisions, highlighting the year of crystallization of liability. Consequently, the Tribunal directed the deletion of the disallowance amount from the appellant's total income for the relevant year. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345421