https://www.taxtmi.com/caselaws?id=66529 The Tribunal disallowed the deduction claimed by the assessee for additional expenditure demanded by APSEB, deeming the liability contingent as it was disputed and not finalized. The Tribunal held that contingent liabilities are not deductible under the mercantile system of accounting, citing various precedents. The revenue's appeal was allowed, restoring the sum to the assessment for the year in question. en-us Wed, 19 Sep 1990 00:00:00 +0530 Sat, 26 Feb 2011 13:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66529 The Tribunal disallowed the deduction claimed by the assessee for additional expenditure demanded by APSEB, deeming the liability contingent as it was disputed and not finalized. The Tribunal held that contingent liabilities are not deductible under the mercantile system of accounting, citing various precedents. The revenue's appeal was allowed, restoring the sum to the assessment for the year in question. Case-Laws Income Tax Wed, 19 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66529