https://www.taxtmi.com/caselaws?id=20674 The High Court upheld the Tribunal's decision, denying the deductions claimed by the assessee related to adjustments for debit balances in suppliers' accounts, adjustments for earlier years' purchases, and final adjustments during the closure of Paharpur Works. The Court agreed with the Tribunal's interpretation that under the mercantile system, adjustments must align with the year of purchase, leading to the disallowance of the claimed deductions. The Court rejected the practical difficulties argument presented by the assessee, affirming the disallowance of deductions and ruling in favor of the Revenue. en-us Fri, 04 Aug 1989 00:00:00 +0530 Mon, 16 Nov 2009 15:22:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20674 The High Court upheld the Tribunal's decision, denying the deductions claimed by the assessee related to adjustments for debit balances in suppliers' accounts, adjustments for earlier years' purchases, and final adjustments during the closure of Paharpur Works. The Court agreed with the Tribunal's interpretation that under the mercantile system, adjustments must align with the year of purchase, leading to the disallowance of the claimed deductions. The Court rejected the practical difficulties argument presented by the assessee, affirming the disallowance of deductions and ruling in favor of the Revenue. Case-Laws Income Tax Fri, 04 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20674