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2003 (4) TMI 582 - HC - Income TaxExtract: .......ng that the estimated liability of development expenses was not a contingent liability but a liability in praesenti and hence an allowable deduction. 6. In view of the above decision our answer to the question is in affirmative and against the department. The reference is accordingly disposed of. 7. The parties shall, however, bear their own costs.
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