https://www.taxtmi.com/caselaws?id=17901 The High Court upheld the deduction claimed by the assessee for the rise in the price of raw material obtained on loan from a sister concern, emphasizing the importance of the mercantile system of accounting in determining taxable profits. The court referred to legal principles and precedents supporting the recognition of liabilities and expenses aligned with commercial practices. The judgment favored the assessee, rejecting the Department's contention and highlighting the significance of recognizing liabilities for accurate profit assessment, in line with commercial principles and established legal precedents. en-us Fri, 16 Aug 1996 00:00:00 +0530 Thu, 21 Apr 2016 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17901 The High Court upheld the deduction claimed by the assessee for the rise in the price of raw material obtained on loan from a sister concern, emphasizing the importance of the mercantile system of accounting in determining taxable profits. The court referred to legal principles and precedents supporting the recognition of liabilities and expenses aligned with commercial practices. The judgment favored the assessee, rejecting the Department's contention and highlighting the significance of recognizing liabilities for accurate profit assessment, in line with commercial principles and established legal precedents. Case-Laws Income Tax Fri, 16 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17901