https://www.taxtmi.com/caselaws?id=168402 Under the mercantile system, a quantified statutory excise duty demand was treated as an accrued and legally enforceable liability when it crystallised, even though payment was disputed and appeals were pending. Because the demand remained operative and capable of coercive recovery until set aside, it was not merely contingent. The liability was therefore deductible in the relevant accounting year, and the disallowance was held incorrect. en-us Tue, 06 Mar 1962 00:00:00 +0530 Thu, 26 Feb 2015 15:07:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168402 Under the mercantile system, a quantified statutory excise duty demand was treated as an accrued and legally enforceable liability when it crystallised, even though payment was disputed and appeals were pending. Because the demand remained operative and capable of coercive recovery until set aside, it was not merely contingent. The liability was therefore deductible in the relevant accounting year, and the disallowance was held incorrect. Case-Laws Income Tax Tue, 06 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168402