Deduction of Purchase Tax Allowed for Assessment Year 1968-69

The High Court of Allahabad allowed a deduction of Rs. 78,569 for the assessment year 1968-69 for the assessee as the purchase tax collected but not paid was still deductible under the mercantile basis of accounting.

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The High Court of Allahabad ruled in favor of the assessee, allowing a deduction of Rs. 78,569 for the assessment year 1968-69 as the purchase tax collected but not paid was still deductible under the mercantile basis of accounting. The judgment was delivered by B. P. JEEVAN REDDY C. J. and R. A. SHARMA.

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