https://www.taxtmi.com/caselaws?id=62493 The Tribunal allowed the appeal, deleting the disallowance made by the Income Tax Officer under s. 43B of the IT Act, 1961. The Tribunal held that the provision applied only to amounts statutorily payable in the accounting year and that liabilities accrued under the mercantile method of accounting should be deductible. The Explanation inserted by the Finance Act, 1989, did not nullify the High Court's judgment, and the Tribunal decided to follow the High Court's decision until reconsidered by the High Court itself. en-us Fri, 24 Nov 1989 00:00:00 +0530 Thu, 20 Jan 2011 10:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62493 The Tribunal allowed the appeal, deleting the disallowance made by the Income Tax Officer under s. 43B of the IT Act, 1961. The Tribunal held that the provision applied only to amounts statutorily payable in the accounting year and that liabilities accrued under the mercantile method of accounting should be deductible. The Explanation inserted by the Finance Act, 1989, did not nullify the High Court's judgment, and the Tribunal decided to follow the High Court's decision until reconsidered by the High Court itself. Case-Laws Income Tax Fri, 24 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62493