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TMI Blog1989 (9) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Act, 1961 ("the Act") : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the entire sum of Rs. 2,06,953 being the interest, maintenance charge and depreciation payable to the Central Railway was not an admissible deduction in computing the total income for the assessment year 1976-77 ? " The assessment year involved is 1976-77 for whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any contingent liability in this regard although the liability was ascertained and known. Hence, he rejected the claim and added back the amount as income of the assessee. When the assessee took the matter in appeal before the Commissioner (Appeals), he was of the opinion that the liability was ascertained for the first time and communicated to the assessee by the Railway authorities in its bil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which related to a part of the accounting year relevant for the assessment year 1976-77 should be allowed as a deduction. There is no doubt that the claim of the railways was in respect of siding charges, interest and maintenance for the period November 1, 1963 to December 11, 1973. This, however, is not a statutory liability. The railways sent a bill in the relevant accounting period. Having re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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