High Court Overturns Tribunal, Allows Deductions for Transitional Liabilities on HTC, LFC, and Resettlement Expenses.

Disallowance of deduction claimed in respect of transitional liability - scientific method adopted for ascertaining the transitional liability of Home Travel Concession (HTC) and Leave Fare Concession (LFC), Silver Jubilee Awards and Re settlement expenses - The Tribunal has affirmed the findings of the Commissioner of Income Tax (Appeals) in a cryptic and cavalier manner. - Deduction allowed - HC .....

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