https://www.taxtmi.com/caselaws?id=10775 The court allowed the appeal, setting aside the Tribunal's decision and affirming the Commissioner (Appeals)'s order. The court held that the assessee is entitled to deduct the loss in the accounts under the mercantile system once liability is admitted. The deduction is permissible in computing income for the relevant assessment year, in accordance with section 41 of the Income-tax Act, 1961. The appeal was successful, with no costs awarded, and parties could obtain certified copies of the judgment and order upon request. en-us Tue, 02 Aug 2005 00:00:00 +0530 Fri, 24 Jul 2009 19:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10775 The court allowed the appeal, setting aside the Tribunal's decision and affirming the Commissioner (Appeals)'s order. The court held that the assessee is entitled to deduct the loss in the accounts under the mercantile system once liability is admitted. The deduction is permissible in computing income for the relevant assessment year, in accordance with section 41 of the Income-tax Act, 1961. The appeal was successful, with no costs awarded, and parties could obtain certified copies of the judgment and order upon request. Case-Laws Income Tax Tue, 02 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10775