1991 (1) TMI 53 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, allowing a deduction of Rs. 78,569 for the assessment year 1968-69 as the purchase tax collected but not paid was still deductible under the mercantile basis of accounting. The judgment was delivered by B. P. JEEVAN REDDY C. J. and R. A. SHARMA.