https://www.taxtmi.com/caselaws?id=8193 The High Court allowed the deduction of the quantified loss of Rs. 49,516 in the income tax assessment for the year 1959-60. The judgment emphasized the importance of considering the accrual date of liabilities under the mercantile method of accounting, following the principles established in a Supreme Court decision. The assessee prevailed, with costs awarded, highlighting the legitimacy of including estimated losses as deductible expenses based on the accrual date of the liability. en-us Fri, 12 Feb 1971 00:00:00 +0530 Thu, 02 Apr 2009 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8193 The High Court allowed the deduction of the quantified loss of Rs. 49,516 in the income tax assessment for the year 1959-60. The judgment emphasized the importance of considering the accrual date of liabilities under the mercantile method of accounting, following the principles established in a Supreme Court decision. The assessee prevailed, with costs awarded, highlighting the legitimacy of including estimated losses as deductible expenses based on the accrual date of the liability. Case-Laws Income Tax Fri, 12 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8193