https://www.taxtmi.com/caselaws?id=186606 Under the mercantile system, a liability for dearness allowance that depended on later industrial adjudication became deductible only when finally quantified by the award. The Income-tax Act did not permit the expense to be carried back and reopened in an earlier previous year merely because the liability related to that period. The earlier view supporting retrospective deduction was not accepted in light of the later Supreme Court ruling. The sums were therefore not allowable in the assessment years claimed and were deductible only in the year of final determination. en-us Wed, 28 Jul 1965 00:00:00 +0530 Fri, 23 Sep 2016 18:19:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186606 Under the mercantile system, a liability for dearness allowance that depended on later industrial adjudication became deductible only when finally quantified by the award. The Income-tax Act did not permit the expense to be carried back and reopened in an earlier previous year merely because the liability related to that period. The earlier view supporting retrospective deduction was not accepted in light of the later Supreme Court ruling. The sums were therefore not allowable in the assessment years claimed and were deductible only in the year of final determination. Case-Laws Income Tax Wed, 28 Jul 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186606