https://www.taxtmi.com/caselaws?id=71713 The Appellate Tribunal ITAT Pune upheld the decision of the Assessee's Appellate Commissioner (AAC) to allow the deduction of an accrued liability of Rs. 1,99,268 for wages payable to workers as per the Industrial Tribunal's award for the assessment year 1974-75. The Tribunal ruled that under the mercantile system of accounting, accrued liabilities are deductible regardless of disputes or quantification issues, and payment is not a prerequisite for deducting such liabilities. The judgment emphasized that liabilities that have accrued can be deducted, even if disputed, as long as they have accrued, dismissing the Revenue's appeal. en-us Thu, 21 Apr 1977 00:00:00 +0530 Tue, 26 Apr 2011 17:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71713 The Appellate Tribunal ITAT Pune upheld the decision of the Assessee's Appellate Commissioner (AAC) to allow the deduction of an accrued liability of Rs. 1,99,268 for wages payable to workers as per the Industrial Tribunal's award for the assessment year 1974-75. The Tribunal ruled that under the mercantile system of accounting, accrued liabilities are deductible regardless of disputes or quantification issues, and payment is not a prerequisite for deducting such liabilities. The judgment emphasized that liabilities that have accrued can be deducted, even if disputed, as long as they have accrued, dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 21 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71713