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2005 (1) TMI 41 - HC - Income Taxundercharged excise liability - "Whether Tribunal was right in law in holding that the liability pertaining to excise duty in the present case was an 'ascertained liability' within the meaning of that expression in clause (c) of the Explanation in section 115J(1)?" - Before the Tribunal it was an admitted position between the parties that the assessee was in receipt of demand notices from the Excise Department, and that the liability which the assessee was required to discharge by virtue of such demand notice was disputed. If that were not so, there was no necessity to call upon the assessee to furnish a bank guarantee. It has further been found that the assessee had provided for such liability in its books as reflected by its profit and loss account and the balance-sheet, which were maintained in accordance with the statutory requirement under the Companies Act – It is not possible to state that the Appellate Tribunal had committed any error in law
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