https://www.taxtmi.com/caselaws?id=27488 The High Court rejected the Commissioner's application, upholding the Tribunal's decision to allow deductions for expenses incurred by the assessee after discontinuance of business. The Court found that the expenses were legitimately incurred and necessary for various activities, emphasizing that only income is taxable, and expenses must be deducted to accurately compute income. The Tribunal's consideration of expenses related to arbitration proceedings, transportation charges, and administrative costs was deemed appropriate, with no legal error found. The Commissioner's application was dismissed, and each party was directed to bear their own costs. en-us Mon, 20 Feb 1984 00:00:00 +0530 Sat, 13 Feb 2010 11:31:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27488 The High Court rejected the Commissioner's application, upholding the Tribunal's decision to allow deductions for expenses incurred by the assessee after discontinuance of business. The Court found that the expenses were legitimately incurred and necessary for various activities, emphasizing that only income is taxable, and expenses must be deducted to accurately compute income. The Tribunal's consideration of expenses related to arbitration proceedings, transportation charges, and administrative costs was deemed appropriate, with no legal error found. The Commissioner's application was dismissed, and each party was directed to bear their own costs. Case-Laws Income Tax Mon, 20 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27488