https://www.taxtmi.com/caselaws?id=70470 An accrued statutory liability for stipend payable to articled clerks was deductible when the obligation arose under the Chartered Accountants Act, 1949 and Regulation 32B of the Chartered Accountants Regulations, 1964. A bona fide change from cash accounting to hybrid or mercantile treatment, consistently followed thereafter, did not bar deduction of that liability merely because the assessee had earlier used the cash system. On that footing, the assessment allowing the claim was not erroneous or prejudicial to the revenue, so revision under section 263 was unwarranted. en-us Thu, 22 Apr 1982 00:00:00 +0530 Sat, 16 Apr 2011 13:15:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70470 An accrued statutory liability for stipend payable to articled clerks was deductible when the obligation arose under the Chartered Accountants Act, 1949 and Regulation 32B of the Chartered Accountants Regulations, 1964. A bona fide change from cash accounting to hybrid or mercantile treatment, consistently followed thereafter, did not bar deduction of that liability merely because the assessee had earlier used the cash system. On that footing, the assessment allowing the claim was not erroneous or prejudicial to the revenue, so revision under section 263 was unwarranted. Case-Laws Income Tax Thu, 22 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70470