Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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LIC premium paid to secure annuity for retiring employee-partners under a partnership arrangement was held deductible because it discharged a present contractual obligation already accrued, not a contingent liability. The retirement, age, or service conditions only determined when the annuity became payable; they did not make the premium itself contingent. In the absence of any clause for refund of premium on non-fulfilment of those conditions, Indian Molasses was inapplicable. Applying Bharat Earth Movers and Metal Box, the HC held that an accrued liability remains deductible even if discharged later. The Tribunal's view was rejected, the deduction was allowed, and the appellate authority's order was restored.
LIC premium paid to secure annuity for retiring employee-partners under a partnership arrangement was held deductible because it discharged a present contractual obligation already accrued, not a contingent liability. The retirement, age, or service conditions only determined when the annuity became payable; they did not make the premium itself contingent. In the absence of any clause for refund of premium on non-fulfilment of those conditions, Indian Molasses was inapplicable. Applying Bharat Earth Movers and Metal Box, the HC held that an accrued liability remains deductible even if discharged later. The Tribunal's view was rejected, the deduction was allowed, and the appellate authority's order was restored.
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