https://www.taxtmi.com/caselaws?id=247591 The High Court allowed the department's appeal, emphasizing the importance of actual payment for deductions under Section-43B and overriding the mercantile system of accounting when statutory liabilities are not discharged. The decision clarified the distinction between actual and contingent liabilities for deduction purposes, setting a precedent for similar cases in the future. en-us Thu, 15 May 2014 00:00:00 +0530 Wed, 20 Aug 2014 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247591 The High Court allowed the department's appeal, emphasizing the importance of actual payment for deductions under Section-43B and overriding the mercantile system of accounting when statutory liabilities are not discharged. The decision clarified the distinction between actual and contingent liabilities for deduction purposes, setting a precedent for similar cases in the future. Case-Laws Income Tax Thu, 15 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247591