https://www.taxtmi.com/caselaws?id=762404 The court ruled in favor of the appellant, a partnership firm, by setting aside the ITAT's decision, which had disallowed Rs. 62,32,262 under Section 43B of the Income-tax Act. The court found that the appellant did not claim the amount as an expenditure or deduction in the profit and loss account, and therefore, the disallowance under Section 43B was unjustified. The tax appeal under Section 260A was allowed, concluding that the authorities erred in treating the amount as taxable income. en-us Mon, 25 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762404 The court ruled in favor of the appellant, a partnership firm, by setting aside the ITAT's decision, which had disallowed Rs. 62,32,262 under Section 43B of the Income-tax Act. The court found that the appellant did not claim the amount as an expenditure or deduction in the profit and loss account, and therefore, the disallowance under Section 43B was unjustified. The tax appeal under Section 260A was allowed, concluding that the authorities erred in treating the amount as taxable income. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762404