https://www.taxtmi.com/caselaws?id=3368 The High Court held that the deduction for the assessment year 1985-86 was allowable under Section 43-B of the Income Tax Act, as the royalty liability was finalized in January 1985, making the payment in the 1985-86 assessment year eligible. The Court ruled in favor of the assessee, emphasizing the importance of timely payments and permissible deductions, referencing the case law of CIT v. Nagri Mills Co. Ltd. The judgment was against the Revenue's interest, disposing of the reference without costs. en-us Thu, 03 Aug 2006 00:00:00 +0530 Tue, 29 Jul 2008 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3368 The High Court held that the deduction for the assessment year 1985-86 was allowable under Section 43-B of the Income Tax Act, as the royalty liability was finalized in January 1985, making the payment in the 1985-86 assessment year eligible. The Court ruled in favor of the assessee, emphasizing the importance of timely payments and permissible deductions, referencing the case law of CIT v. Nagri Mills Co. Ltd. The judgment was against the Revenue's interest, disposing of the reference without costs. Case-Laws Income Tax Thu, 03 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3368