https://www.taxtmi.com/caselaws?id=413644 Concluded assessments under section 153C cannot sustain additions based solely on material already on record where no incriminating material was found during search. An assessee may invoke Rule 27 to support appellate relief without filing a separate appeal, including by raising a jurisdictional objection. Obsolete inventory write-offs are allowable where they represent actual business losses rather than contingent provisions; prior-period expenses are deductible when the liability crystallises in the relevant year; and liquidated damages under purchase contracts are allowable business expenditure when they arise as accrued contractual obligations rather than penalties for breach of law. The additions and disallowances were deleted. en-us Thu, 14 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413644 Concluded assessments under section 153C cannot sustain additions based solely on material already on record where no incriminating material was found during search. An assessee may invoke Rule 27 to support appellate relief without filing a separate appeal, including by raising a jurisdictional objection. Obsolete inventory write-offs are allowable where they represent actual business losses rather than contingent provisions; prior-period expenses are deductible when the liability crystallises in the relevant year; and liquidated damages under purchase contracts are allowable business expenditure when they arise as accrued contractual obligations rather than penalties for breach of law. The additions and disallowances were deleted. Case-Laws Income Tax Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413644