https://www.taxtmi.com/caselaws?id=419439 The ITAT allowed the assessee's appeal regarding the disallowance of octroi expenses, stating the deduction was allowable as the liability crystallized during the assessment year. However, the ITAT upheld the disallowance of lease incentives, noting that all revenue receipts should have been recognized in the year of accrual. Regarding the addition of provision for sales returns, the ITAT supported the assessee's method based on Accounting Standard 29, dismissing the AO's argument of a double deduction due to a change in accounting policy. The judgment emphasized adherence to accounting principles and the Income Tax Act. en-us Wed, 09 Mar 2022 00:00:00 +0530 Thu, 05 May 2022 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419439 The ITAT allowed the assessee's appeal regarding the disallowance of octroi expenses, stating the deduction was allowable as the liability crystallized during the assessment year. However, the ITAT upheld the disallowance of lease incentives, noting that all revenue receipts should have been recognized in the year of accrual. Regarding the addition of provision for sales returns, the ITAT supported the assessee's method based on Accounting Standard 29, dismissing the AO's argument of a double deduction due to a change in accounting policy. The judgment emphasized adherence to accounting principles and the Income Tax Act. Case-Laws Income Tax Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419439