TaxTMI 
TaxTMI 
2013 (7) TMI 485
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....R Rajive Bhalla , J. (Oral):- By this order, we shall dispose of ITA Nos.233 of 2004, 582 and 583 of 2006, 274, 295 and 298 of 2007. The revenue, challenges the correctness of orders, dated 30.9.2003 and 12.4.1993, passed by the Income Tax Appellate Tribunal, Delhi Bench 'B', Delhi, on the ground, that the orders passed by the Assessing Officer and the Commissioner of Income Tax (Appeals) have....
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....ll within the relevant previous year and they were payable as per the contract between the parties. It is also not disputed that the liquidated damages claimed by assessee were covered either by bank guarantee or funds retained by the customers. The CIT (Appeals) has also not doubted the allow ability of the damages payable by assessee. The learned CIT (Appeals) did not allow only on the ground th....
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....is amount has been paid by the assessee or still remains unpaid and if it is found that this amount is still shown as liability, in that case the deduction to this extent should not be allowed during the year under consideration. The reason for not allowing the deduction to this extent is that the liability is for assessment year 1991-92, which is the year under consideration, and now we are in as....