https://www.taxtmi.com/caselaws?id=16535 The High Court of Allahabad ruled in favor of the assessee in a case concerning tax liability on purchases for deduction purposes. The court held that the liability to pay tax accrued at the time of purchase, allowing the assessee to claim the deduction despite the amount not being paid in the relevant accounting year. The court also allowed a specific deduction in the computation of the assessee's income, following precedents supporting the accrual of liabilities for deduction purposes. The judgment emphasized the importance of recognizing accrued liabilities for deduction purposes, ultimately ruling against the Revenue. en-us Tue, 23 Sep 1997 00:00:00 +0530 Tue, 08 Sep 2009 13:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16535 The High Court of Allahabad ruled in favor of the assessee in a case concerning tax liability on purchases for deduction purposes. The court held that the liability to pay tax accrued at the time of purchase, allowing the assessee to claim the deduction despite the amount not being paid in the relevant accounting year. The court also allowed a specific deduction in the computation of the assessee's income, following precedents supporting the accrual of liabilities for deduction purposes. The judgment emphasized the importance of recognizing accrued liabilities for deduction purposes, ultimately ruling against the Revenue. Case-Laws Income Tax Tue, 23 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16535