https://www.taxtmi.com/caselaws?id=212363 The High Court upheld the Tribunal's decision allowing deduction of liability towards ONGC, emphasizing that once a business liability arises in the accounting year, it should be allowed as a deduction even if payment is deferred. The Court cited the Supreme Court's ruling in Bharat Earth Movers, stating that certainty of incurring the liability is crucial, regardless of the payment date. The High Court found no error in the Tribunal's decision and dismissed the Revenue's appeal, as no legal question arose from the case. en-us Mon, 02 May 2011 00:00:00 +0530 Sun, 15 Apr 2012 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212363 The High Court upheld the Tribunal's decision allowing deduction of liability towards ONGC, emphasizing that once a business liability arises in the accounting year, it should be allowed as a deduction even if payment is deferred. The Court cited the Supreme Court's ruling in Bharat Earth Movers, stating that certainty of incurring the liability is crucial, regardless of the payment date. The High Court found no error in the Tribunal's decision and dismissed the Revenue's appeal, as no legal question arose from the case. Case-Laws Income Tax Mon, 02 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212363