https://www.taxtmi.com/caselaws?id=760688 The HC upheld the ITAT's decision, dismissing the Income Tax Appeal. It clarified the interpretation of Section 263 of the Income Tax Act, supporting the respondent's recognition of contingent liabilities and income from an arbitral award. The Court found no substantial questions of law in the revenue's appeal, affirming the respondent's compliance with legal principles and ICDS VII regarding Government Grant income recognition. en-us Fri, 18 Oct 2024 00:00:00 +0530 Thu, 24 Oct 2024 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760688 The HC upheld the ITAT's decision, dismissing the Income Tax Appeal. It clarified the interpretation of Section 263 of the Income Tax Act, supporting the respondent's recognition of contingent liabilities and income from an arbitral award. The Court found no substantial questions of law in the revenue's appeal, affirming the respondent's compliance with legal principles and ICDS VII regarding Government Grant income recognition. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760688