https://www.taxtmi.com/caselaws?id=28071 The High Court ruled against the assessee, emphasizing that income tax deductions can only be granted for legitimate expenditure items incurred in the relevant accounting year. The Court rejected the claim for deduction of disallowed amounts from prior years, stating that the sale of tools at book value did not result in any actual expenditure. The Court highlighted that deductions must adhere to specific principles and cannot be claimed for expenses disallowed in previous years. Additionally, the Court ruled in favor of the Revenue on the competence to adjudicate final issues, awarding costs to the Revenue, including counsel's fee. en-us Tue, 22 Jun 1982 00:00:00 +0530 Wed, 17 Feb 2010 18:03:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28071 The High Court ruled against the assessee, emphasizing that income tax deductions can only be granted for legitimate expenditure items incurred in the relevant accounting year. The Court rejected the claim for deduction of disallowed amounts from prior years, stating that the sale of tools at book value did not result in any actual expenditure. The Court highlighted that deductions must adhere to specific principles and cannot be claimed for expenses disallowed in previous years. Additionally, the Court ruled in favor of the Revenue on the competence to adjudicate final issues, awarding costs to the Revenue, including counsel's fee. Case-Laws Income Tax Tue, 22 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28071