https://www.taxtmi.com/caselaws?id=63088 The Tribunal allowed the appellant's appeal, permitting the deduction of Rs. 8,184 for the assessment year 1973-74. The decision emphasized the importance of recognizing liabilities under the mercantile system of accounting and the significance of finality in determining the timing of deductions. The Tribunal upheld the appellant's right to claim the deduction when the liability was conclusively settled, rejecting the views of the AAC and ITO. The appeal was decided in favor of the appellant, highlighting the proper application of accounting principles and legal provisions in determining the admissibility of deductions related to sales tax liabilities. en-us Tue, 19 Sep 1978 00:00:00 +0530 Thu, 27 Jan 2011 17:43:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63088 The Tribunal allowed the appellant's appeal, permitting the deduction of Rs. 8,184 for the assessment year 1973-74. The decision emphasized the importance of recognizing liabilities under the mercantile system of accounting and the significance of finality in determining the timing of deductions. The Tribunal upheld the appellant's right to claim the deduction when the liability was conclusively settled, rejecting the views of the AAC and ITO. The appeal was decided in favor of the appellant, highlighting the proper application of accounting principles and legal provisions in determining the admissibility of deductions related to sales tax liabilities. Case-Laws Income Tax Tue, 19 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63088