https://www.taxtmi.com/caselaws?id=20889 The court ruled in favor of the assessee, determining that averaging debts due by the assessee is not allowed. The deduction for relief under section 84 of the Income-tax Act, 1961, should only include borrowed monies and debts due for payment at the end of the accounting period, as per rule 19(3) of the Income-tax Rules, 1962. The court clarified that liabilities not due for payment should not be considered in the deduction calculation. en-us Mon, 02 Nov 1992 00:00:00 +0530 Tue, 17 Nov 2009 18:14:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20889 The court ruled in favor of the assessee, determining that averaging debts due by the assessee is not allowed. The deduction for relief under section 84 of the Income-tax Act, 1961, should only include borrowed monies and debts due for payment at the end of the accounting period, as per rule 19(3) of the Income-tax Rules, 1962. The court clarified that liabilities not due for payment should not be considered in the deduction calculation. Case-Laws Income Tax Mon, 02 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20889