Court :
HC
Brief :
Held by hon"ble court that under mercantile system of accounting assessee is entitled to deduction of loss/ expenditure in the year in which such entry is made in books of account. Hence, A.O. is not justified in disallowing deduction for amount payable under terms of contract on ground that such sum was not paid actually.
Citation :
Jiwanram Sheoduttrai Vs. C.I.T
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
T R SOOD & CO
New Delhi
CA Inter
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
SSGS and Associates
Chennai
CA Inter
View Details
CAclubindia
