https://www.taxtmi.com/caselaws?id=8435 The High Court ruled in favor of the assessee, allowing the deduction for the bonus provision. The Court emphasized that under the mercantile system of accounting, the timing of profit ascertainment is not a barrier to claiming deductions for liabilities incurred. The Court held that the company was entitled to the deduction claimed, even though the exact profit figure was not determined at the time of making the provision for bonus payment. en-us Wed, 07 Jul 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8435 The High Court ruled in favor of the assessee, allowing the deduction for the bonus provision. The Court emphasized that under the mercantile system of accounting, the timing of profit ascertainment is not a barrier to claiming deductions for liabilities incurred. The Court held that the company was entitled to the deduction claimed, even though the exact profit figure was not determined at the time of making the provision for bonus payment. Case-Laws Income Tax Wed, 07 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8435