https://www.taxtmi.com/caselaws?id=419205 The Tribunal upheld the CIT(A)'s decision to reject the deduction claim under section 43B of the I.T. Act for customs duty, excise duty, interest, and penalty incurred on importing a turbine generator set. The expenses were deemed not allowable as they were related to a capital asset imported by the promoter company, not the assessee, and the penalty paid was considered a disputed liability. The Tribunal emphasized that the expenditure did not qualify as revenue expenditure and dismissed the appeal, stating that the impugned expenses were not allowable under the Act. en-us Mon, 21 Feb 2022 00:00:00 +0530 Sat, 05 Mar 2022 07:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419205 The Tribunal upheld the CIT(A)'s decision to reject the deduction claim under section 43B of the I.T. Act for customs duty, excise duty, interest, and penalty incurred on importing a turbine generator set. The expenses were deemed not allowable as they were related to a capital asset imported by the promoter company, not the assessee, and the penalty paid was considered a disputed liability. The Tribunal emphasized that the expenditure did not qualify as revenue expenditure and dismissed the appeal, stating that the impugned expenses were not allowable under the Act. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419205