Held that\u00a0 entries in the books of account are not determinative of the assessee\u2019s right to claim a legitimate deduction. The liability of the assessee had crystallised and therefore the sum in question was allowable as deduction in computing the total income of the assessee. Tribunal also held that\u00a0 the Assessing Officer in the assessment order had considered the revised computation of loss of Rs. 10,47,17,495 and had not insisted on a revised return of income being filed. It was therefore not the case of the Assessing Officer that the claim was inadmissible owing to the assessee not having filed the revised return of income under section\u00a0139(5)\u00a0of the Act. The Department was not entitled to raise an objection in this regard. (AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 37(1) : Business expenditure-Increased liability on account of wage revision due to Court order-Entries in books of account not determinative-Right to claim legitimate deduction-Allowable as deduction. [S. 139(5), 145] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28868","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7vC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=28868"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28868\/revisions"}],"predecessor-version":[{"id":28869,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28868\/revisions\/28869"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}