https://www.taxtmi.com/caselaws?id=27616 The High Court allowed the deduction of sales tax amount from the total income for the assessment year 1967-68, emphasizing the application of the mercantile system of accounting in claiming deductions. It held that under this system, liabilities can be appropriated to the correct accounting year even before actual payment, citing relevant Supreme Court judgments. The Court ruled in favor of the assessee, highlighting the importance of appropriating liabilities to the year in which they arose and supporting the deduction claimed by the assessee. en-us Thu, 01 Mar 1984 00:00:00 +0530 Mon, 15 Feb 2010 10:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27616 The High Court allowed the deduction of sales tax amount from the total income for the assessment year 1967-68, emphasizing the application of the mercantile system of accounting in claiming deductions. It held that under this system, liabilities can be appropriated to the correct accounting year even before actual payment, citing relevant Supreme Court judgments. The Court ruled in favor of the assessee, highlighting the importance of appropriating liabilities to the year in which they arose and supporting the deduction claimed by the assessee. Case-Laws Income Tax Thu, 01 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27616