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Mere Board Resolution doesn’t crystallize a liability for Expenditure on discontinuance of Clinics
Case Law Details
- Case Name
- Kaya Ltd Vs CIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
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Kaya Ltd Vs CIT (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT) Mumbai, in the case of Kaya Ltd Vs Commissioner of Income Tax (CIT), made a significant ruling concerning the disallowance of expenses in relation to the discontinuance of seven ‘Kaya Skin’ clinics. This case involves the accounting standards applied to the assessment year 2010-11 and the way liabilities are crystallized and accounted for during the discontinuation of business operations.
The ruling centres on the definition and crystallization of liability. Kaya Ltd had made a provision for Rs....
