https://www.taxtmi.com/caselaws?id=11487 The High Court of Madras ruled in favor of the Revenue, holding that the company was not entitled to deduct disputed customs duty and funded interest in computing profits under Section 115J. The court emphasized that as the liabilities were not acknowledged, no payments were made, and the disputes were unresolved, the company could not claim these deductions. The judgment clarified that compliance with the Companies Act did not justify deducting amounts not recognized in the accounts, highlighting the necessity of actual payments and finality of liabilities for deductions in profit calculations. en-us Wed, 17 Dec 2003 00:00:00 +0530 Mon, 10 Aug 2009 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11487 The High Court of Madras ruled in favor of the Revenue, holding that the company was not entitled to deduct disputed customs duty and funded interest in computing profits under Section 115J. The court emphasized that as the liabilities were not acknowledged, no payments were made, and the disputes were unresolved, the company could not claim these deductions. The judgment clarified that compliance with the Companies Act did not justify deducting amounts not recognized in the accounts, highlighting the necessity of actual payments and finality of liabilities for deductions in profit calculations. Case-Laws Income Tax Wed, 17 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11487