https://www.taxtmi.com/caselaws?id=385549 The High Court held that future expenses incurred for a liability accrued during the accounting year are deductible in computing taxable business income. The Court emphasized that if a business liability arises in the accounting year, the deduction should be allowed even if the liability is to be quantified and discharged in the future, as long as there is certainty of incurring the liability during the relevant accounting year. The Court dismissed the revenue's appeal, affirming that expenses for future liabilities accrued during the accounting year are eligible for deduction. en-us Thu, 05 Sep 2019 00:00:00 +0530 Fri, 06 Sep 2019 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385549 The High Court held that future expenses incurred for a liability accrued during the accounting year are deductible in computing taxable business income. The Court emphasized that if a business liability arises in the accounting year, the deduction should be allowed even if the liability is to be quantified and discharged in the future, as long as there is certainty of incurring the liability during the relevant accounting year. The Court dismissed the revenue's appeal, affirming that expenses for future liabilities accrued during the accounting year are eligible for deduction. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385549