https://www.taxtmi.com/caselaws?id=275872 The Tribunal upheld the CIT(A)'s decision to allow the claim for vehicle insurance expenses disallowed by the AO. The Tribunal ruled that under the mercantile accounting system, the assessee can claim deductions based on when the liability is incurred, even if payment is made in a different year. Referring to a similar case, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the disallowance of vehicle insurance expenses amounting to Rs. 28,42,119. en-us Thu, 15 Mar 2012 00:00:00 +0530 Sat, 20 Oct 2018 18:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275872 The Tribunal upheld the CIT(A)'s decision to allow the claim for vehicle insurance expenses disallowed by the AO. The Tribunal ruled that under the mercantile accounting system, the assessee can claim deductions based on when the liability is incurred, even if payment is made in a different year. Referring to a similar case, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the disallowance of vehicle insurance expenses amounting to Rs. 28,42,119. Case-Laws Income Tax Thu, 15 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275872