Admissibility of Business Expenditure :
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
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CA.Saibaburao Nanduri
Published in Income Tax
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