1986 (9) TMI 45

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome-tax Act, 196 (for brevity, hereinafter, " the Act at the instance of the Revenue to decide the following question of law : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that the difference of Rs. 2,29,524 between the guaranteed amount and the actual purchase of country liquor was allowable as a trading loss in the compu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cer disallowed it taking the view that the assessee had not paid the amount of which he claimed deduction and, therefore, it was not an expenditure incurred during the relevant accounting year. The Appellate Assistant Commissioner of Income-tax confirmed the order of the Income-tax Officer dismissing the assessee's appeal. The assessee's further appeal to the Tribunal succeeded and the Tribunal he....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f had admittedly neither been paid by the assessee nor shown by debiting the same in the assessee's books of accounts. None has appeared on behalf of the assessee to oppose this reference. One of the conditions necessary for making such allowance is that it should have been an expenditure incurred in the particular accounting year in which the deduction is claimed. The expenditure incurred by t....