https://www.taxtmi.com/caselaws?id=764225 The HC dismissed the assessee's appeal regarding leave encashment fund contributions. The court held that while such contributions qualify as deductible expenses, they must comply with Section 43-B conditions. The assessee failed to meet Section 43-B(f) requirements, which mandate actual payment in the previous accounting year when liability was incurred. The court rejected arguments based on Bharat Earth Movers precedent, noting that Section 43-B(f) applies prospectively from April 1, 2002, and the Exide Industries SC judgment upheld this provision's constitutional validity. The revenue's disallowance was upheld. en-us Tue, 31 Dec 2024 00:00:00 +0530 Sat, 04 Jan 2025 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764225 The HC dismissed the assessee's appeal regarding leave encashment fund contributions. The court held that while such contributions qualify as deductible expenses, they must comply with Section 43-B conditions. The assessee failed to meet Section 43-B(f) requirements, which mandate actual payment in the previous accounting year when liability was incurred. The court rejected arguments based on Bharat Earth Movers precedent, noting that Section 43-B(f) applies prospectively from April 1, 2002, and the Exide Industries SC judgment upheld this provision's constitutional validity. The revenue's disallowance was upheld. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764225