https://www.taxtmi.com/caselaws?id=18811 Under the mercantile system of accounting, unpaid sales tax liability is deductible in the year the liability accrues, not only when it is actually paid or finally quantified. The High Court held that this principle had already been authoritatively settled by binding precedent, including earlier decisions of the same court and other High Courts. Because the proposed question was no longer debatable, the Tribunal could not be directed under section 256(2) of the Income-tax Act, 1961 to refer it. The reference petition was dismissed, and the assessee's allowance of the deduction remained undisturbed. en-us Fri, 05 May 1995 00:00:00 +0530 Mon, 02 Nov 2009 11:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18811 Under the mercantile system of accounting, unpaid sales tax liability is deductible in the year the liability accrues, not only when it is actually paid or finally quantified. The High Court held that this principle had already been authoritatively settled by binding precedent, including earlier decisions of the same court and other High Courts. Because the proposed question was no longer debatable, the Tribunal could not be directed under section 256(2) of the Income-tax Act, 1961 to refer it. The reference petition was dismissed, and the assessee's allowance of the deduction remained undisturbed. Case-Laws Income Tax Fri, 05 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18811