https://www.taxtmi.com/caselaws?id=34604 The court ruled in favor of the appellant, allowing the appeal and holding that the liability under an arbitration award had accrued in the assessment year 1988-89, despite being challenged. The court emphasized that under the mercantile system of accounting, the liability was incurred when the award was made, regardless of subsequent challenges. The appellant was entitled to claim the deduction for the liability arising under the arbitration award for that assessment year. en-us Wed, 04 Mar 2009 00:00:00 +0530 Tue, 22 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34604 The court ruled in favor of the appellant, allowing the appeal and holding that the liability under an arbitration award had accrued in the assessment year 1988-89, despite being challenged. The court emphasized that under the mercantile system of accounting, the liability was incurred when the award was made, regardless of subsequent challenges. The appellant was entitled to claim the deduction for the liability arising under the arbitration award for that assessment year. Case-Laws Income Tax Wed, 04 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34604