https://www.taxtmi.com/caselaws?id=15911 The court affirmed the Tribunal's findings that the settlement of Rs. 10 lakhs between Todi Tea Co. Ltd. and Taurus Foundry Pvt. Ltd. was genuine, with the liability admitted and paid by the assessee. The court also upheld the Tribunal's decision that the assessee's move to set aside the arbitrator's award for the balance amount of Rs. 7,00,000 was supported by material evidence. Additionally, the court ruled in favor of the assessee, allowing the deduction of Rs. 10 lakhs in the assessment year 1984-85, in accordance with the mercantile system of accounting. en-us Tue, 18 May 1999 00:00:00 +0530 Sat, 29 Aug 2009 17:33:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15911 The court affirmed the Tribunal's findings that the settlement of Rs. 10 lakhs between Todi Tea Co. Ltd. and Taurus Foundry Pvt. Ltd. was genuine, with the liability admitted and paid by the assessee. The court also upheld the Tribunal's decision that the assessee's move to set aside the arbitrator's award for the balance amount of Rs. 7,00,000 was supported by material evidence. Additionally, the court ruled in favor of the assessee, allowing the deduction of Rs. 10 lakhs in the assessment year 1984-85, in accordance with the mercantile system of accounting. Case-Laws Income Tax Tue, 18 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15911