https://www.taxtmi.com/caselaws?id=17638 The High Court allowed the assessee's claim for a deduction of Rs. 10,69,034 for purchase tax provision, emphasizing the liability crystallized upon filing returns and the application of the mercantile system of accounting. Legal precedents supported the deduction, with the Court highlighting the availability of remedies for the Revenue in case the tax was later found non-payable. The Court answered the question of law in the affirmative, ruling in favor of the assessee and directing the Income-tax Appellate Tribunal, Cochin Bench, to take necessary action. en-us Tue, 23 Jul 1996 00:00:00 +0530 Wed, 23 Sep 2009 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17638 The High Court allowed the assessee's claim for a deduction of Rs. 10,69,034 for purchase tax provision, emphasizing the liability crystallized upon filing returns and the application of the mercantile system of accounting. Legal precedents supported the deduction, with the Court highlighting the availability of remedies for the Revenue in case the tax was later found non-payable. The Court answered the question of law in the affirmative, ruling in favor of the assessee and directing the Income-tax Appellate Tribunal, Cochin Bench, to take necessary action. Case-Laws Income Tax Tue, 23 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17638