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TMI Blog2009 (7) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... ly of gas was received on the basis of price which had been finally determined by the Supreme Court? – Held Yes - the liability of the assessee was contractual which came to be crystallized by virtue of the decision of the Apex Court by fixing the price of the Gas supplied by ONGC. We are, therefore, of the view that the view taken by the Tribunal is correct - 5 of 2008 - - - Dated:- 27-7-2009 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,28,54,737/- being the demand raised by ONGC by increasing the price of goods (Gas) supplied by it. The Assessing Officer rejected the claim of the assessee and the Commissioner of Income-Tax (Appeals) confirmed the said order of disallowance. 4. The matter came up before the Tribunal and the Tribunal after considering the submissions made before it came to the conclusion that deduction in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the respective years which came to be quantified and crystallized by virtue of the Hon'ble Supreme Court deciding a price. The Tribunal was of the view that uncertainty and difficulty or the pendency of litigation relating to estimation or the pendency of litigation relating to estimation of the purchase price or fixing of purchase price would not convert the accrued liability into a contingent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was contractual which came to be crystallized by virtue of the decision of the Apex Court by fixing the price of the Gas supplied by ONGC. We are, therefore, of the view that the view taken by the Tribunal is correct and, therefore, we answer the reference in the affirmative i.e. in favour of the assessee and against the revenue. 9. The reference stands answered accordingly. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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