https://www.taxtmi.com/caselaws?id=27929 The case involved a dispute regarding the deductibility of an expenditure related to unutilized import entitlements. The company incurred the expenditure for business purposes but did not fully utilize the entitlements in the same year. The Income Tax Officer disallowed the expenditure, but the Commissioner (Appeals) and the Tribunal ruled in favor of the assessee. The High Court upheld the decision, allowing the deduction under section 37 of the Income Tax Act, 1961, emphasizing the business purpose of the expenditure. Each party was ordered to bear its own costs. en-us Mon, 12 Mar 1984 00:00:00 +0530 Wed, 17 Feb 2010 09:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27929 The case involved a dispute regarding the deductibility of an expenditure related to unutilized import entitlements. The company incurred the expenditure for business purposes but did not fully utilize the entitlements in the same year. The Income Tax Officer disallowed the expenditure, but the Commissioner (Appeals) and the Tribunal ruled in favor of the assessee. The High Court upheld the decision, allowing the deduction under section 37 of the Income Tax Act, 1961, emphasizing the business purpose of the expenditure. Each party was ordered to bear its own costs. Case-Laws Income Tax Mon, 12 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27929