https://www.taxtmi.com/caselaws?id=216942 The Tribunal allowed the assessee's appeal regarding the provision for privilege leave encashment, holding it as a recognized liability under the mercantile system of accounting. The Tribunal relied on precedents that emphasized allowing deductions for definite business liabilities arising in the accounting year. Additionally, the Tribunal upheld the CIT(A)'s decision to allow the amortization of premium paid on Government securities, in line with RBI norms and consistent judicial interpretations, dismissing the Revenue's appeal. en-us Fri, 15 Jun 2012 00:00:00 +0530 Tue, 19 Apr 2016 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216942 The Tribunal allowed the assessee's appeal regarding the provision for privilege leave encashment, holding it as a recognized liability under the mercantile system of accounting. The Tribunal relied on precedents that emphasized allowing deductions for definite business liabilities arising in the accounting year. Additionally, the Tribunal upheld the CIT(A)'s decision to allow the amortization of premium paid on Government securities, in line with RBI norms and consistent judicial interpretations, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216942