2016 (7) TMI 1292 - SCH - Income Tax

Provision for transit breakages - Held that - High Court 2015 (10) TMI 491 - DELHI HIGH COURT has clearly held that in the case of assessee (petitioner), the actual transit breakages, as and when they occur, are allowable as revenue expenditure in the accounting year in which such breakages occur. In that view of the matter, we do not find any justification to interfere with the impugned judgment.

Summary

The Supreme Court of India dismissed the special leave petitions, upholding the High Court's decision that actual transit breakages are allowable as revenue expenditure in the year they occur.