https://www.taxtmi.com/caselaws?id=436555 The High Court dismissed the revenue's appeal regarding the allowability of prior period expenses and provision for diminution in the value of investment. The court upheld the decisions of the CIT(A) and tribunal, emphasizing consistency in allowing expenses where liabilities had crystallized and were necessary for business operations. The provision for diminution in the value of investment was deemed justified based on a reliable estimate of loss and in accordance with relevant legal precedents. The court found no substantial question of law warranting consideration on both issues. en-us Thu, 13 Apr 2023 00:00:00 +0530 Mon, 14 Aug 2023 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436555 The High Court dismissed the revenue's appeal regarding the allowability of prior period expenses and provision for diminution in the value of investment. The court upheld the decisions of the CIT(A) and tribunal, emphasizing consistency in allowing expenses where liabilities had crystallized and were necessary for business operations. The provision for diminution in the value of investment was deemed justified based on a reliable estimate of loss and in accordance with relevant legal precedents. The court found no substantial question of law warranting consideration on both issues. Case-Laws Income Tax Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436555