https://www.taxtmi.com/caselaws?id=234272 The High Court upheld the Tribunal's decision that the provision for leave encashment constituted an ascertained liability under Section 115 JB of the Income Tax Act, 1961. The Court emphasized the importance of recognizing liabilities that have arisen in the accounting year and can be reasonably estimated, following legal principles outlined by the Supreme Court. The judgment dismissed the appeals brought by the Department, as the issue had been addressed by the Supreme Court in a previous case, affirming the Tribunal's ruling. en-us Thu, 16 May 2013 00:00:00 +0530 Wed, 05 Jun 2013 11:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234272 The High Court upheld the Tribunal's decision that the provision for leave encashment constituted an ascertained liability under Section 115 JB of the Income Tax Act, 1961. The Court emphasized the importance of recognizing liabilities that have arisen in the accounting year and can be reasonably estimated, following legal principles outlined by the Supreme Court. The judgment dismissed the appeals brought by the Department, as the issue had been addressed by the Supreme Court in a previous case, affirming the Tribunal's ruling. Case-Laws Income Tax Thu, 16 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234272