9911796707
TMI Blog2015 (10) TMI 1595X X X X Extracts X X X X X X X X Extracts X X X X ..... n which it has crystallized. Factually speaking, the liability in question has crystallized during the year under consideration, as noted by us in the earlier paras and, therefore, in our view, the lower authorities have erred in disallowing the impugned expense. As a consequence, we set aside the order of CIT(A) and direct the Assessing Officer to delete the addition - Decided in favour of assessee. - ITA No. 1401/Mum/2013 - - - Dated:- 29-5-2015 - G. S. Pannu, AM And Sanjay Garg, JM,JJ. For the Appellant : Shri Yogesh Kamat For the Respondent : Shri M Subramaniam ORDER Per: G S Pannu, AM The captioned appeal preferred by the assessee is directed against the order of the Commissioner of Income Tax (Appeals) [herein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee pointed out though the expenditure in question pertained to earlier year, so however, the liability for the same has crystallized during the previous year relevant to assessment year under consideration. In support, a reference has been made to pages 8 to 15 of the Paper Book, wherein are placed copies of the debit notes issued by Hindalco Industries Ltd., in terms of which the interest of ₹ 38,98,474/- has been charged from assessee on delayed payment. It has been submitted that the said debit notes are issued on the dates falling within the previous year relevant to the assessment year under consideration and on this basis, the expenditure is deemed to have crystallized during the year under consideration and thus is an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue before us. 6. In the aforesaid factual background, we find that the plea of the assessee for deduction of impugned expenditure in the current assessment year is wholly justified and is in line with the ratio of Judgment of Hon'ble Bombay High Court in the case of CIT Vs. Mahanagar Gas Ltd. [2014] 42 taxmann.com 40 (Bombay). 7. We find that the CIT(A) has disagreed with the assessee on the basis of the Judgment of Hon'ble Delhi High Court in the case of CIT Vs. Exxon Mobil Lubricants P. Ltd. [2010] 328 ITR 17 (Delhi). We have carefully perused the Judgment of Hon'ble Delhi High Court, wherein, the assessment year involved was assessment year 2003-04. The assessee had claimed deduction for expenditure incurred du ..... X X X X Extracts X X X X X X X X Extracts X X X X
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