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TMI Blog2013 (6) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness liability has definitely arisen in the accounting year, the deduction should be allowed although the liability may have to be quantified and discharged at a future date. What should be certain is the incurring of the liability. It should also be capable of being estimated with reasonable certainty though the actual quantification may not be possible. If these requirements are satisfied the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er explanation 1 to Section 115 JB of the Income Tax Act, 1961? In both these appeals, the Assessing Officer, relying on the decision of the Calcutta High Court, in the case of CIT versus Bharat General Textile Mills Ltd. 1986 157 ITR 158 (Cal) held that the provision made by the respondent in the books of account towards leave encashment of employees for the relevant period was unascertained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent assessee. It is not open for this Court to over turn the finding of fact so recorded by the Appellate Tribunal and, moreso, when the issue is already covered by the decision of the Apex Court in the case of Bharat Earth Movers. It will be apposite to advert to the exposition of the Apex Court in the said decision, which reads thus:- The law is settled: if a business liability has d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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