2005 (2) TMI 98

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....e directions of this court, the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal") has referred the following question of law arising out of its order dated May 31, 1985, relating to the assessment year 1980-81 for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, Amritsar is right in holdin....

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....ntancy, the liability of the previous year could not be allowed as a deduction. He accordingly disallowed Rs. 43,090. The assessee filed an appeal before the Commissioner of Income-tax (Appeals) who upheld the disallowance. Aggrieved by the said order, the assessee preferred a second appeal before the Tribunal. Before the Tribunal, the assessee explained that although out of the amount of Rs. 4....

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....f the matter and upheld the levy of market fee at 2 per cent. instead of 3 per cent. Thus the liability to pay the balance market fee at 0.5 per cent. pertaining to the financial year 1978-79 arose on July 31, 1979. The amount of Rs. 35,129 is on account of this liability. It is, therefore, evident that the liability to pay the amount of Rs. 35,129 arose when the Supreme Court decided the matter o....