Court Rules Assessee's Discount Provision as Allowable Expense Based on Evidence of Actual Expenditure.

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Full Text of the Document

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....Allowable expenses - Liability as ascertained liability or not - assessee has itself shown the amount as provision for discount not debited to accounts of respective parties - the assessee demonstrated by producing the copies of the deals of some of the parties and shown that it is not an asset or liability but actual expenditure - Expenses allowed.....