https://www.taxtmi.com/caselaws?id=12440 The Supreme Court held in favor of the assessee, allowing the deduction of the debited amount for the use of office premises, telephone, and staff as a payable liability. The Court emphasized that the liability had accrued in the accounting year and could be reasonably estimated, rejecting the view that it was a contingent liability. The decision underscored the importance of recognizing accrued liabilities for tax purposes, citing the principles established in the Bharat Earth Movers case. en-us Tue, 30 Oct 2001 00:00:00 +0530 Wed, 24 Feb 2010 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12440 The Supreme Court held in favor of the assessee, allowing the deduction of the debited amount for the use of office premises, telephone, and staff as a payable liability. The Court emphasized that the liability had accrued in the accounting year and could be reasonably estimated, rejecting the view that it was a contingent liability. The decision underscored the importance of recognizing accrued liabilities for tax purposes, citing the principles established in the Bharat Earth Movers case. Case-Laws Income Tax Tue, 30 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12440