https://www.taxtmi.com/caselaws?id=14912 The court ruled in favor of the assessee, allowing the additional price paid for cane purchase and additional purchase tax to be deducted for the accounting year ending September 30, 1981. The liability was deemed to have arisen in the relevant accounting year, emphasizing the importance of reflecting incurred liabilities accurately in profit determination. The judgment highlighted the necessity of considering liabilities accrued during a specific year for profit computation, ensuring taxation based on commercial practices. Ultimately, the court favored the assessee, rejecting the Revenue's argument and permitting the deduction for the specified accounting year. en-us Thu, 08 Apr 1999 00:00:00 +0530 Mon, 27 Jul 2009 10:58:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14912 The court ruled in favor of the assessee, allowing the additional price paid for cane purchase and additional purchase tax to be deducted for the accounting year ending September 30, 1981. The liability was deemed to have arisen in the relevant accounting year, emphasizing the importance of reflecting incurred liabilities accurately in profit determination. The judgment highlighted the necessity of considering liabilities accrued during a specific year for profit computation, ensuring taxation based on commercial practices. Ultimately, the court favored the assessee, rejecting the Revenue's argument and permitting the deduction for the specified accounting year. Case-Laws Income Tax Thu, 08 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14912