https://www.taxtmi.com/caselaws?id=285813 The Tribunal ruled in favor of Kanoria Chemicals & Industries Ltd., the assessee, regarding the dispute over electricity charges for the assessment year 1974-75. The Tribunal found that the liability for excess charges only crystallized after arbitration and the award, making it enforceable. The Tribunal emphasized the importance of the arbitration process in determining the enforceability of liabilities. Additionally, the Tribunal allowed the deduction of a specific sum in business profits after the arbitration award resolved the electricity charges dispute, following legal precedents. The Court upheld the Tribunal's decision, granting the deduction claimed by the assessee. en-us Mon, 25 Sep 1989 00:00:00 +0530 Tue, 28 Jan 2020 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285813 The Tribunal ruled in favor of Kanoria Chemicals & Industries Ltd., the assessee, regarding the dispute over electricity charges for the assessment year 1974-75. The Tribunal found that the liability for excess charges only crystallized after arbitration and the award, making it enforceable. The Tribunal emphasized the importance of the arbitration process in determining the enforceability of liabilities. Additionally, the Tribunal allowed the deduction of a specific sum in business profits after the arbitration award resolved the electricity charges dispute, following legal precedents. The Court upheld the Tribunal's decision, granting the deduction claimed by the assessee. Case-Laws Income Tax Mon, 25 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285813