https://www.taxtmi.com/caselaws?id=32655 HC allowed the assessee's deduction for a provision under a long service award scheme, finding the liability sufficiently certain and not merely contingent, and upheld the Tribunal's reasoning. The HC also held that emergency/insurance spare parts specific to plant qualify as assets under Section 32 and may be capitalized with depreciation allowed on the full capitalized cost under mercantile accounting principles and relevant AS, rejecting Revenue's limitation. The questions of law were answered for the assessee and the appeals were dismissed. en-us Fri, 27 Feb 2009 00:00:00 +0530 Wed, 24 Jun 2026 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32655 HC allowed the assessee's deduction for a provision under a long service award scheme, finding the liability sufficiently certain and not merely contingent, and upheld the Tribunal's reasoning. The HC also held that emergency/insurance spare parts specific to plant qualify as assets under Section 32 and may be capitalized with depreciation allowed on the full capitalized cost under mercantile accounting principles and relevant AS, rejecting Revenue's limitation. The questions of law were answered for the assessee and the appeals were dismissed. Case-Laws Income Tax Fri, 27 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32655