https://www.taxtmi.com/caselaws?id=33298 The High Court upheld the Tribunal's decision to allow the deduction of wage increase payable by the assessee to employees in the previous year, despite the liability being ascertained and paid in the succeeding year. The Court emphasized that the crucial factor was whether the liability was attributable to the previous year, regardless of when it was settled. Relying on legal precedents, the Court concluded that the Tribunal correctly permitted the deduction, leading to the dismissal of the Revenue's appeal under Section 260A of the Income Tax Act. en-us Mon, 04 Feb 2008 00:00:00 +0530 Sun, 03 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33298 The High Court upheld the Tribunal's decision to allow the deduction of wage increase payable by the assessee to employees in the previous year, despite the liability being ascertained and paid in the succeeding year. The Court emphasized that the crucial factor was whether the liability was attributable to the previous year, regardless of when it was settled. Relying on legal precedents, the Court concluded that the Tribunal correctly permitted the deduction, leading to the dismissal of the Revenue's appeal under Section 260A of the Income Tax Act. Case-Laws Income Tax Mon, 04 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33298