Site Restoration Deduction Allowed as It Was a Mandatory Contractual Obligation

Vedanta Limited Vs ADIT (Madras High Court) The Madras High Court heard cross appeals filed by the assessee and the Revenue against the common order of the Income Tax Appellate Tribunal (ITAT), Chennai, dated 22.08.2012, relating to Assessment Years (AYs) 2002-03 and 2004-05. The principal issue in the appeals was the allowability of deductions claimed towards provision for site restoration expenses. The assessee filed appeals under Section 260-A of the Income Tax Act, 1961 against the ITAT’s order for AYs 2002-03 and 2004-05. The Revenue also filed separate appeals under Section 260-A a...