https://www.taxtmi.com/caselaws?id=283480 The Tribunal dismissed both appeals by the Revenue for the assessment years 2009-10 and 2010-11. The Tribunal upheld the deletion of additions on account of negative Contract In Progress, disallowance of provision towards leave travel allowance and medical reimbursements, and disallowance claimed as liquidated damages. The Tribunal found the assessee's methods consistent with Accounting Standard 7 and previous decisions, and legitimate business expenses for liquidated damages. The decision aligned with rulings in similar cases involving the assessee's parent company. en-us Wed, 10 Jul 2019 00:00:00 +0530 Tue, 24 Sep 2019 16:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283480 The Tribunal dismissed both appeals by the Revenue for the assessment years 2009-10 and 2010-11. The Tribunal upheld the deletion of additions on account of negative Contract In Progress, disallowance of provision towards leave travel allowance and medical reimbursements, and disallowance claimed as liquidated damages. The Tribunal found the assessee's methods consistent with Accounting Standard 7 and previous decisions, and legitimate business expenses for liquidated damages. The decision aligned with rulings in similar cases involving the assessee's parent company. Case-Laws Income Tax Wed, 10 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283480