TaxTMI 
TaxTMI 
2009 (7) TMI 87
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....opinion, raising following question of law for the Assessment Year 1984 - 85 :- "Whether the Appellate Tribunal is right in law and on facts in holding that deduction in respect of purchase price payable by the assessee in respect of supply of gas received from ONGC should be allowed in the respective years when such supply of gas was received on the basis of price which had been finally determin....
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.... which had been finally determined by the Hon'ble Supreme Court. Therefore, at the instance of revenue, this reference is made. 5. We have considered the submissions, the provisions contained in the Income Tax Act and the legal position as established. 6. We find that the assessee has been following mercantile method of accounting. The Gas was supplied for the respective years. But there was a d....
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....d be allowable for the respective years. 7. Having taken look at the Alembic Chemical Works Limited V/s. Deputy Commissioner of Income-Tax, 266 I.T.R. 47, we are of the view that the Tribunal was justified in its view. This Court held in the said case of Alembic Chemical Works Limited that in case of an assessee following the mercantile system of accounting, a liability is said to be properly inc....