https://www.taxtmi.com/caselaws?id=58598 The Tribunal dismissed ITA 2771/BOM/85 (AY 1980-81) regarding provisions for guarantee liability, repairs, and professional fees. However, ITA 2772/BOM/85 (AY 1981-82) was partly allowed, with the application of sec. 40(c) upheld for director employees but disallowing set off of loss of the merged company. The revenue succeeded in challenging the allowance of provisions for repairs and the set off of the merged company's loss, while the assessee prevailed on the treatment of professional fees as revenue expenditure. en-us Fri, 30 Dec 1988 00:00:00 +0530 Mon, 20 Dec 2010 17:49:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58598 The Tribunal dismissed ITA 2771/BOM/85 (AY 1980-81) regarding provisions for guarantee liability, repairs, and professional fees. However, ITA 2772/BOM/85 (AY 1981-82) was partly allowed, with the application of sec. 40(c) upheld for director employees but disallowing set off of loss of the merged company. The revenue succeeded in challenging the allowance of provisions for repairs and the set off of the merged company's loss, while the assessee prevailed on the treatment of professional fees as revenue expenditure. Case-Laws Income Tax Fri, 30 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58598