https://www.taxtmi.com/caselaws?id=14709 The High Court ruled in favor of the Revenue, rejecting the assessee's deduction claim against business profits for the specific assessment year. The court emphasized the accrual of liability under the mercantile system of accounting and the impact of the apex court judgment on liability crystallization. Despite the assessee's arguments based on transitional issues and previous claims, the court found that the liability did not crystallize during the year under consideration, aligning with the settled legal position. en-us Mon, 06 Nov 2000 00:00:00 +0530 Sat, 18 Jul 2009 11:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14709 The High Court ruled in favor of the Revenue, rejecting the assessee's deduction claim against business profits for the specific assessment year. The court emphasized the accrual of liability under the mercantile system of accounting and the impact of the apex court judgment on liability crystallization. Despite the assessee's arguments based on transitional issues and previous claims, the court found that the liability did not crystallize during the year under consideration, aligning with the settled legal position. Case-Laws Income Tax Mon, 06 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14709