https://www.taxtmi.com/caselaws?id=418785 The High Court upheld the Tribunal's decision in favor of the respondent/assessee, allowing deductions for liability on leave encashment and Voluntary Retirement Scheme payments. The Court ruled that these deductions were permissible and justified as provisions for future liabilities. Additionally, the Court held that the sale proceeds of the chemical undertaking were not liable to tax as capital gains, based on previous decisions. Consequently, the Revenue's appeal was dismissed, with all substantial questions of law decided against them, including the dismissal of the stay application. en-us Tue, 07 Dec 2021 00:00:00 +0530 Thu, 24 Feb 2022 07:13:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418785 The High Court upheld the Tribunal's decision in favor of the respondent/assessee, allowing deductions for liability on leave encashment and Voluntary Retirement Scheme payments. The Court ruled that these deductions were permissible and justified as provisions for future liabilities. Additionally, the Court held that the sale proceeds of the chemical undertaking were not liable to tax as capital gains, based on previous decisions. Consequently, the Revenue's appeal was dismissed, with all substantial questions of law decided against them, including the dismissal of the stay application. Case-Laws Income Tax Tue, 07 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418785