https://www.taxtmi.com/caselaws?id=34594 The High Court of Gujarat upheld the Tribunal's decision to allow the deduction for the purchase price payable by the assessee for gas supply from ONGC in the respective years when the gas was received, based on the price determined by the Supreme Court. The Court emphasized that the liability of the assessee had accrued in those years, and the uncertainty in estimating the purchase price did not render the liability contingent. The judgment favored the assessee, highlighting the importance of recognizing accrued liabilities under the mercantile system of accounting. en-us Mon, 27 Jul 2009 00:00:00 +0530 Thu, 20 Dec 2012 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34594 The High Court of Gujarat upheld the Tribunal's decision to allow the deduction for the purchase price payable by the assessee for gas supply from ONGC in the respective years when the gas was received, based on the price determined by the Supreme Court. The Court emphasized that the liability of the assessee had accrued in those years, and the uncertainty in estimating the purchase price did not render the liability contingent. The judgment favored the assessee, highlighting the importance of recognizing accrued liabilities under the mercantile system of accounting. Case-Laws Income Tax Mon, 27 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34594