2016 (5) TMI 208 - SCH - Income Tax

Ascertained liability whether provisions of interest can be disallowed as the provisions amounted to unascertained liability - Held that - Matter is covered against the Revenue by the judgment of this court in Taparia Tools Limited v. Joint CIT 2015 (3) TMI 853 - SUPREME COURT wherein held that there is no estoppel against the Statute and the Act enables and entitles the assessee to claim the entire expenditure in the manner it is claimed. Thus the assessee would be entitled to deduction of the entire expenditure respectively in the year in which the amount was actually paid. - Decided in favour of assessee.

Summary

The Supreme Court of India dismissed the appeal, stating that the matter is covered against the Revenue by a previous judgment in Taparia Tools Limited v. Joint CIT [2015] 7 SCC 540 : [2015] 372 ITR 605 (SC). The judges were A. K. Sikri and Rohinton Fali Nariman, JJ.