1989 (5) TMI 34 - HC - Income Tax

Summary

The High Court of Punjab and Haryana held that the deduction for sales tax liability accrued in earlier years cannot be claimed in a later assessment year under the mercantile system of accounting. The court disagreed with the decision of the Madras High Court and allowed the Revenue's appeal. The Tribunal's decision was overturned, and the court ruled in favor of the Revenue.