https://www.taxtmi.com/caselaws?id=27624 The High Court ruled in favor of the Revenue, holding that the sales tax deduction of Rs. 3,258 for the assessment year 1974-75 should not be allowed. The judgment emphasized adhering to the mercantile system of accounting, requiring recognition of tax liabilities in the year they originated, even if quantified in subsequent years. The decision highlighted the importance of following legal precedents and directed that the sales tax amount was not deductible for the specified assessment year. en-us Thu, 31 Jan 1985 00:00:00 +0530 Mon, 15 Feb 2010 10:50:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27624 The High Court ruled in favor of the Revenue, holding that the sales tax deduction of Rs. 3,258 for the assessment year 1974-75 should not be allowed. The judgment emphasized adhering to the mercantile system of accounting, requiring recognition of tax liabilities in the year they originated, even if quantified in subsequent years. The decision highlighted the importance of following legal precedents and directed that the sales tax amount was not deductible for the specified assessment year. Case-Laws Income Tax Thu, 31 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27624