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TMI Blog2015 (1) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... rtain fact and, therefore, deduction claimed by the assessee was not permissible in view of Section 43B of the Income Tax Act. See Oswal Agro Mills Ltd. vs. Commissioner of Income Tax [2014 (2) TMI 378 - DELHI HIGH COURT ] - Decided against assessee. Disallowance of loss incurred on account of devaluation of Rupee - Held that:- Loss incurred on account of devaluation of Rupee is governed by the ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity contingent on the happening of an event and thus not an allowable deduction while computing the income for the instant assessment year? (ii) Whether the Income Tax Appellant Tribunal is correct in law and on facts in holding that the liability of ₹ 1,60,33,064/- claimed by the appellant was not allowable under Section 43B of the I.T.Act. (iii) Whether the Income Tax Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arising after sale of imported materials in respect of customs, excise, penalty, sales tax etc., was payable by the assessee/appellant and was to be included as landed cost of imported material. The Revenue for the relevant years had disallowed sum of ₹ 1,60,33,064/- on the ground that this was not permissible under Section 43B of the Income Tax Act. 3. The matter was carried out before In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arat Earth Movers v. CIT: (2000) 245 ITR 428 (SC). It is held that the amount is not an ascertained liability. The Court held that such liability is contingent upon an uncertain fact and, therefore, deduction claimed by the assessee was not permissible in view of Section 43B of the Income Tax Act. This Court is governed by the said precedent and accordingly answers question Nos. 1 and 2 in the aff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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