1990 (1) TMI 40 - HC - Income Tax

Summary

The High Court of Kerala ruled against the assessee in a tax case regarding the deduction of an amount paid in 1975 for the assessment year 1977-78. The court held that the expense incurred in 1975 could not be claimed as an expenditure for the later assessment year, as the assessee maintained accounts on a mercantile basis. The Income-tax Appellate Tribunal's decision in favor of the assessee was deemed erroneous, citing previous court decisions. The court answered the question of law in the negative, in favor of the Revenue.