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2000 (10) TMI 35 - HC - Income TaxExtract: .......the mercantile system of accounting, in the year wherein the liability therefor is incurred. Till then, it is not a liability in praesenti, but only a contingent liability with the result that a provision, therefore, is not allowable. The question therefore has to be answered in the negative, i.e., in favour of the Revenue and against the assessee.
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