https://www.taxtmi.com/caselaws?id=22347 The High Court of Calcutta ruled in favor of the assessee, a resident company engaged in limestone business, allowing a deduction of Rs. 2,06,953 for liability towards maintenance of railway siding for the assessment year 1976-77. The Court held that even though the liability accrued in earlier years, it should be allowed as a deduction for the relevant part of the accounting year. The Court emphasized that the liability was known and ascertained, and upon receiving the bill from the railways, the assessee could debit the amount against the current year's profits. en-us Mon, 11 Sep 1989 00:00:00 +0530 Wed, 09 Dec 2009 13:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22347 The High Court of Calcutta ruled in favor of the assessee, a resident company engaged in limestone business, allowing a deduction of Rs. 2,06,953 for liability towards maintenance of railway siding for the assessment year 1976-77. The Court held that even though the liability accrued in earlier years, it should be allowed as a deduction for the relevant part of the accounting year. The Court emphasized that the liability was known and ascertained, and upon receiving the bill from the railways, the assessee could debit the amount against the current year's profits. Case-Laws Income Tax Mon, 11 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22347