https://www.taxtmi.com/caselaws?id=22405 The High Court held that the provision for payment of purchase tax for the assessment year 1981-82 was not deductible as no liability for purchase tax arose during that period. The Court found that the liability had actually arisen in the previous assessment year and was wiped out by the final assessment order. Due to the misinterpretation of accounting periods, the Court directed the Income-tax Appellate Tribunal to reconsider the appeal based on the correct timeline of events and relevant facts. The judgment concluded by disposing of the reference and instructing the Tribunal to review the matter afresh. en-us Thu, 24 Jan 1991 00:00:00 +0530 Wed, 09 Dec 2009 17:43:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22405 The High Court held that the provision for payment of purchase tax for the assessment year 1981-82 was not deductible as no liability for purchase tax arose during that period. The Court found that the liability had actually arisen in the previous assessment year and was wiped out by the final assessment order. Due to the misinterpretation of accounting periods, the Court directed the Income-tax Appellate Tribunal to reconsider the appeal based on the correct timeline of events and relevant facts. The judgment concluded by disposing of the reference and instructing the Tribunal to review the matter afresh. Case-Laws Income Tax Thu, 24 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22405