https://www.taxtmi.com/caselaws?id=330447 The High Court allowed the appeal of the assessee, ruling that the provision for outstanding electricity fuel surcharges and expenditure on arrear fuel surcharges were allowable as business expenditures under Section 37 of the Act, despite the bill receipt timing. The Court emphasized that liabilities incurred should be provisioned for when maintaining books on a mercantile basis, regardless of bill receipt, and rejected the Revenue's contentions on both issues. en-us Mon, 27 Jun 2016 00:00:00 +0530 Tue, 26 Jul 2016 11:50:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330447 The High Court allowed the appeal of the assessee, ruling that the provision for outstanding electricity fuel surcharges and expenditure on arrear fuel surcharges were allowable as business expenditures under Section 37 of the Act, despite the bill receipt timing. The Court emphasized that liabilities incurred should be provisioned for when maintaining books on a mercantile basis, regardless of bill receipt, and rejected the Revenue's contentions on both issues. Case-Laws Income Tax Mon, 27 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330447