https://www.taxtmi.com/caselaws?id=282153 Business expenditure and income recognition depend on accrued legal liability, demonstrated business nexus, consistent accounting treatment and binding rehabilitation arrangements. Personal-use disallowances for company vehicle, leased-car and telephone expenses were not sustainable; aircraft disallowance was restricted. Prior-period liabilities crystallising during the year, written-off bad debts, club entrance fees, revenue repairs, forward-contract losses, contractual liquidated damages and incremental leave-encashment liability were allowable subject to proof, while unsupported balances and service charges remained disallowed. MAT computation had to give effect to the BIFR rehabilitation scheme, subject to verifying protected losses or depreciation. Lease rent not accrued and sales-tax deferral discount from premature repayment were not taxable. en-us Fri, 01 Sep 2017 00:00:00 +0530 Wed, 24 Jul 2019 09:08:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282153 Business expenditure and income recognition depend on accrued legal liability, demonstrated business nexus, consistent accounting treatment and binding rehabilitation arrangements. Personal-use disallowances for company vehicle, leased-car and telephone expenses were not sustainable; aircraft disallowance was restricted. Prior-period liabilities crystallising during the year, written-off bad debts, club entrance fees, revenue repairs, forward-contract losses, contractual liquidated damages and incremental leave-encashment liability were allowable subject to proof, while unsupported balances and service charges remained disallowed. MAT computation had to give effect to the BIFR rehabilitation scheme, subject to verifying protected losses or depreciation. Lease rent not accrued and sales-tax deferral discount from premature repayment were not taxable. Case-Laws Income Tax Fri, 01 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282153