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Case Law Details

Case Name : Everest Blower Systems Pvt. Ltd. Vs DCIT (ITAT Delhi)
Related Assessment Year : 2021-22
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Everest Blower Systems Pvt. Ltd. Vs DCIT (ITAT Delhi)

The ITAT Delhi in Everest Blower Systems Pvt. Ltd. vs. DCIT addressed the issue of disallowance of expenses under Section 37 of the Income Tax Act, 1961. The appeal challenged the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], which upheld the disallowance of a contingent liability of ₹3,07,75,963. This amount comprised a guarantee of ₹1,37,16,613 and capital commitments of ₹1,70,59,350. The Centralized Processing Centre (CPC) had earlier disallowed the expenditure based on the Tax Audit Report, al

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