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Liability for salary and wages arising out of the Justice Palekar Award - ascertained lability or not - The High court referred to precedent and held that the liability accrued when the provision was made, regardless of the actual agreement date. It emphasized that the provision made was for services already rendered and was a prudent business practice. - The court disagreed with the tribunal's decision and held that the liability for salary and wages arising from the specific award should be allowable as expenditure in the relevant assessment year.
Liability for salary and wages arising out of the Justice Palekar Award - ascertained lability or not - The High court referred to precedent and held that the liability accrued when the provision was made, regardless of the actual agreement date. It emphasized that the provision made was for services already rendered and was a prudent business practice. - The court disagreed with the tribunal's decision and held that the liability for salary and wages arising from the specific award should be allowable as expenditure in the relevant assessment year.
Note: It is a system-generated summary and is for quick reference only.
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