Assessee's Excise Duty Liability Upheld Under Mercantile Accounting System

The High Court of Madras held that the assessee followed the mercantile system of accounting, and the liability to excise duty accrued during the relevant previous year. The court dismissed the petition and awarded the assessee costs of Rs. 500.

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The High Court of Madras held that the assessee followed the mercantile system of accounting and that the liability to excise duty accrued during the relevant previous year. The court dismissed the petition and awarded the assessee costs of Rs. 500.

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