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1997 (3) TMI 64 - HC - Income Tax
Extract:
.......legal liability. In fact, there was no liability at all. Even if there was a liability, it was a purely contingent liability which is not deductible for income-tax purposes. In view of the above, we answer the question referred to us in the affirmative and in favour of the Revenue. The reference is disposed of accordingly with no order as to costs.