https://www.taxtmi.com/caselaws?id=29635 The court held that the Income Tax Officer (ITO) was unjustified in refusing the assessee's request to substitute the actual figure of 80% share payable to the Government for the estimated figure. It concluded that the liability to pay the 80% share was incurred during the relevant assessment year, and the actual figure should be considered for a realistic assessment of profits. The Tribunal's decision was overturned in favor of the assessee, and the Commissioner was directed to pay the costs of the reference to the assessee. en-us Wed, 22 Oct 1980 00:00:00 +0530 Mon, 15 Mar 2010 12:22:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29635 The court held that the Income Tax Officer (ITO) was unjustified in refusing the assessee's request to substitute the actual figure of 80% share payable to the Government for the estimated figure. It concluded that the liability to pay the 80% share was incurred during the relevant assessment year, and the actual figure should be considered for a realistic assessment of profits. The Tribunal's decision was overturned in favor of the assessee, and the Commissioner was directed to pay the costs of the reference to the assessee. Case-Laws Income Tax Wed, 22 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29635