https://www.taxtmi.com/caselaws?id=351541 The High Court allowed the appeal in favor of the assessee, holding that the tribunal was not justified in treating the entire income of Rs. 8,13,194/- as income for the assessment year in question. The Court agreed with the CIT(A)'s decision to delete the addition, emphasizing that the expenses related to the arbitration awards were not included in the audited profit and loss accounts for the relevant years. The High Court concluded that the income for the year 2006-07 should be allowed as expenses were not claimed in the earlier years. en-us Wed, 30 Aug 2017 00:00:00 +0530 Mon, 27 Nov 2017 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351541 The High Court allowed the appeal in favor of the assessee, holding that the tribunal was not justified in treating the entire income of Rs. 8,13,194/- as income for the assessment year in question. The Court agreed with the CIT(A)'s decision to delete the addition, emphasizing that the expenses related to the arbitration awards were not included in the audited profit and loss accounts for the relevant years. The High Court concluded that the income for the year 2006-07 should be allowed as expenses were not claimed in the earlier years. Case-Laws Income Tax Wed, 30 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351541