https://www.taxtmi.com/caselaws?id=58965 The Tribunal allowed the appeal, overturning the lower authorities' rejection of the deduction claim for an excise duty provision in the assessment year 1982-83. It held that the interim stay order by the High Court did not negate the enforceable legal liability for the excise duty provision under the mercantile system of accounting. The Tribunal emphasized that the provision made by the assessee was a real liability, permitting its deduction under Section 37(1) of the Income-tax Act, 1961. The decision directed the Income Tax Officer to verify the liability and allow the claimed deduction amount. en-us Mon, 31 Mar 1986 00:00:00 +0530 Thu, 23 Dec 2010 13:31:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58965 The Tribunal allowed the appeal, overturning the lower authorities' rejection of the deduction claim for an excise duty provision in the assessment year 1982-83. It held that the interim stay order by the High Court did not negate the enforceable legal liability for the excise duty provision under the mercantile system of accounting. The Tribunal emphasized that the provision made by the assessee was a real liability, permitting its deduction under Section 37(1) of the Income-tax Act, 1961. The decision directed the Income Tax Officer to verify the liability and allow the claimed deduction amount. Case-Laws Income Tax Mon, 31 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58965