https://www.taxtmi.com/caselaws?id=186531 The High Court held that the payment of Rs. 75,000 to Shaw Wallace & Co. by the assessee was not an allowable deduction under the Indian Income-tax Act. The court determined that the payment was for a contingent liability, not an accrued liability, and therefore, it was not a deductible business expense. The assessee's claim was disallowed, and the Tribunal's decision was upheld. The judgment was against the assessee, who was ordered to pay the costs of the department. en-us Thu, 01 Apr 1965 00:00:00 +0530 Wed, 21 Sep 2016 17:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186531 The High Court held that the payment of Rs. 75,000 to Shaw Wallace & Co. by the assessee was not an allowable deduction under the Indian Income-tax Act. The court determined that the payment was for a contingent liability, not an accrued liability, and therefore, it was not a deductible business expense. The assessee's claim was disallowed, and the Tribunal's decision was upheld. The judgment was against the assessee, who was ordered to pay the costs of the department. Case-Laws Income Tax Thu, 01 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186531