https://www.taxtmi.com/highlights?id=22527 Deduction of Provision for contingency - Ascertained liability - the system of accounting, followed by the assessee, is mercantile and any expenditure, not paid by the close of the year, is as it is allowable and in-fact, even in a mercantile system of accounting, while income is also to be included, which has accrued to the assessee, so also the expenditure is to be allowed in similar fashion. - HC en-us Wed, 15 Apr 2015 23:06:41 +0530 Wed, 15 Apr 2015 23:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=22527 Deduction of Provision for contingency - Ascertained liability - the system of accounting, followed by the assessee, is mercantile and any expenditure, not paid by the close of the year, is as it is allowable and in-fact, even in a mercantile system of accounting, while income is also to be included, which has accrued to the assessee, so also the expenditure is to be allowed in similar fashion. - HC Highlights Income Tax Wed, 15 Apr 2015 23:06:41 +0530 https://www.taxtmi.com/highlights?id=22527