https://www.taxtmi.com/caselaws?id=22002 The Tribunal upheld the decision to allow the deduction of Rs. 14,79,808, affirming that the liability to pay the kist and interest was not obliterated by the Kerala High Court judgment. The court ruled in favor of the assessee, holding that the liabilities accrued during the relevant accounting year were permissible deductions, following the mercantile system of accounting. The Tribunal's decision was based on legal precedents and statutory obligations, dismissing the Revenue's arguments against the deduction. en-us Tue, 04 Jun 1991 00:00:00 +0530 Sat, 05 Dec 2009 13:38:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22002 The Tribunal upheld the decision to allow the deduction of Rs. 14,79,808, affirming that the liability to pay the kist and interest was not obliterated by the Kerala High Court judgment. The court ruled in favor of the assessee, holding that the liabilities accrued during the relevant accounting year were permissible deductions, following the mercantile system of accounting. The Tribunal's decision was based on legal precedents and statutory obligations, dismissing the Revenue's arguments against the deduction. Case-Laws Income Tax Tue, 04 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22002