https://www.taxtmi.com/caselaws?id=409648 A transferred opening liability arising from demerger could not be treated as an unexplained credit of the current year under section 68. Insurance charges and lease rentals for an existing HVDC project were treated as year-relevant expenditure, not disallowable prepaid items. Stamp duty and service fee incurred to obtain loans were characterised as revenue expenditure because they did not create an enduring capital asset. Freight for shifting an existing transformer for repairs was held to be a revenue outlay, not part of capital cost. The write-back relief linked to an earlier appellate direction was allowed in the year in which the corresponding correction entries were passed. en-us Fri, 18 Jun 2021 00:00:00 +0530 Wed, 14 Jul 2021 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409648 A transferred opening liability arising from demerger could not be treated as an unexplained credit of the current year under section 68. Insurance charges and lease rentals for an existing HVDC project were treated as year-relevant expenditure, not disallowable prepaid items. Stamp duty and service fee incurred to obtain loans were characterised as revenue expenditure because they did not create an enduring capital asset. Freight for shifting an existing transformer for repairs was held to be a revenue outlay, not part of capital cost. The write-back relief linked to an earlier appellate direction was allowed in the year in which the corresponding correction entries were passed. Case-Laws Income Tax Fri, 18 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409648