https://www.taxtmi.com/caselaws?id=20051 The High Court ruled in favor of the Revenue, stating that the Tribunal was not justified in deleting the addition of Rs. 1,95,877 and in allowing the deduction of Rs. 5,000. The Court emphasized the necessity of statutory or accrued liabilities for deductions and upheld the treatment of sales tax collections as trading receipts, following precedent cases. The judgment highlighted that deductions can only be permitted when a statutory or accrued liability exists, ultimately denying the taxpayer's claims in this case. en-us Thu, 28 Oct 1993 00:00:00 +0530 Wed, 11 Nov 2009 13:43:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20051 The High Court ruled in favor of the Revenue, stating that the Tribunal was not justified in deleting the addition of Rs. 1,95,877 and in allowing the deduction of Rs. 5,000. The Court emphasized the necessity of statutory or accrued liabilities for deductions and upheld the treatment of sales tax collections as trading receipts, following precedent cases. The judgment highlighted that deductions can only be permitted when a statutory or accrued liability exists, ultimately denying the taxpayer's claims in this case. Case-Laws Income Tax Thu, 28 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20051