https://www.taxtmi.com/caselaws?id=26330 Accrued statutory liability for weekly holiday wages under the Bidi and Cigar Workers (Conditions of Employment) Act, 1966, when duly provided for in mercantile accounts, was treated as an allowable deduction under the Income-tax Act, 1961. The court noted that the liability had arisen during the relevant accounting year and its quantification was not in dispute. Applying the principle recognised in prior decisions and Supreme Court guidance on mercantile accrual, the deduction was correctly allowed and no reference under section 256(2) was warranted on that issue. en-us Tue, 24 Jun 1986 00:00:00 +0530 Thu, 04 Feb 2010 12:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26330 Accrued statutory liability for weekly holiday wages under the Bidi and Cigar Workers (Conditions of Employment) Act, 1966, when duly provided for in mercantile accounts, was treated as an allowable deduction under the Income-tax Act, 1961. The court noted that the liability had arisen during the relevant accounting year and its quantification was not in dispute. Applying the principle recognised in prior decisions and Supreme Court guidance on mercantile accrual, the deduction was correctly allowed and no reference under section 256(2) was warranted on that issue. Case-Laws Income Tax Tue, 24 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26330