1991 (7) TMI 15 - HC - Income Tax

Summary

The High Court of Calcutta ruled that the disputed excise duty demand of Rs. 2,71,400, not provided in the accounts, was not an allowable expenditure for the assessment year 1978-79. The Income-tax Appellate Tribunal was not justified in allowing the claim as the demand was ultimately found to be not a liability of the assessee. The court decided in favor of the Revenue. (Case Citation: 1991 (7) TMI 15 - Calcutta High Court)