https://www.taxtmi.com/caselaws?id=59138 The Tribunal partially allowed the department's appeal, restricting the allowable deduction to Rs. 19,20,237 for the assessee's claim of Rs. 47,49,530 regarding transactions with M/s. Madura Coats Ltd. The Tribunal found that the deduction claim was premature as some sale proceeds had already been realized. Future liabilities, including potential penalties, were to be assessed based on the ongoing litigation's outcome. The CIT (Appeals) was deemed to have erred in not considering the realized sale proceeds, leading to the adjustment of the allowable deduction amount. en-us Tue, 06 Mar 1990 00:00:00 +0530 Sat, 25 Dec 2010 12:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59138 The Tribunal partially allowed the department's appeal, restricting the allowable deduction to Rs. 19,20,237 for the assessee's claim of Rs. 47,49,530 regarding transactions with M/s. Madura Coats Ltd. The Tribunal found that the deduction claim was premature as some sale proceeds had already been realized. Future liabilities, including potential penalties, were to be assessed based on the ongoing litigation's outcome. The CIT (Appeals) was deemed to have erred in not considering the realized sale proceeds, leading to the adjustment of the allowable deduction amount. Case-Laws Income Tax Tue, 06 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59138