https://www.taxtmi.com/caselaws?id=438638 The Tribunal ruled in favor of the assessee on all three issues, allowing the appeal and dismissing the Revenue's appeals. The judgment emphasized the role of government guidelines and the broader mandate of public enterprises in determining the allowability of expenses. The treatment of encashment of bank guarantees and interest as income was decided in favor of the assessee for all years under consideration. The disallowance of prior period expenses towards superannuation benefits was overturned as the liability crystallized during the relevant year. Additionally, the disallowance of corporate social responsibility expenses was reversed, highlighting the broader societal mandate of the assessee as a public enterprise. en-us Wed, 31 May 2023 00:00:00 +0530 Mon, 05 Jun 2023 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438638 The Tribunal ruled in favor of the assessee on all three issues, allowing the appeal and dismissing the Revenue's appeals. The judgment emphasized the role of government guidelines and the broader mandate of public enterprises in determining the allowability of expenses. The treatment of encashment of bank guarantees and interest as income was decided in favor of the assessee for all years under consideration. The disallowance of prior period expenses towards superannuation benefits was overturned as the liability crystallized during the relevant year. Additionally, the disallowance of corporate social responsibility expenses was reversed, highlighting the broader societal mandate of the assessee as a public enterprise. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438638