https://www.taxtmi.com/caselaws?id=429951 The tribunal partially allowed the appeal regarding Mine Closure expenses disallowance under Section 43B of the Income Tax Act. It held that the expenses were not akin to deposits and should be treated as actual liabilities. While Section 43B was deemed not applicable to Mine Closure funds, the provision for such expenses was allowed as a deduction on an accrual basis, recognizing its validity as per Ministry of Coal guidelines. The judgment clarified the distinction between deposits and expenses, affirming the deduction of Mine Closure expenses in accordance with regulatory requirements. en-us Wed, 19 Oct 2022 00:00:00 +0530 Mon, 07 Nov 2022 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429951 The tribunal partially allowed the appeal regarding Mine Closure expenses disallowance under Section 43B of the Income Tax Act. It held that the expenses were not akin to deposits and should be treated as actual liabilities. While Section 43B was deemed not applicable to Mine Closure funds, the provision for such expenses was allowed as a deduction on an accrual basis, recognizing its validity as per Ministry of Coal guidelines. The judgment clarified the distinction between deposits and expenses, affirming the deduction of Mine Closure expenses in accordance with regulatory requirements. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429951