https://www.taxtmi.com/caselaws?id=16041 The Bombay High Court ruled in favor of the assessee regarding the deduction of a liability for countervailing customs duty on imported polyamide chips, emphasizing that the liability accrues upon importation, irrespective of the absence of a provision in the books of account. The court highlighted that the liability persists even during pending appeals. The judgment also clarified that excise duty liability arises upon manufacturing, not upon receipt of a demand notice. The High Court held that disputed liabilities remain enforceable until conclusively settled, preventing their taxation under relevant provisions. en-us Thu, 22 Jul 1999 00:00:00 +0530 Mon, 31 Aug 2009 16:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16041 The Bombay High Court ruled in favor of the assessee regarding the deduction of a liability for countervailing customs duty on imported polyamide chips, emphasizing that the liability accrues upon importation, irrespective of the absence of a provision in the books of account. The court highlighted that the liability persists even during pending appeals. The judgment also clarified that excise duty liability arises upon manufacturing, not upon receipt of a demand notice. The High Court held that disputed liabilities remain enforceable until conclusively settled, preventing their taxation under relevant provisions. Case-Laws Income Tax Thu, 22 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16041