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2017 (5) TMI 1480 - HC - Income TaxDeletion of Prior Period Expenses - following mercantile system of accounting - reasons to believe must record reasons - eligible for deduction during the current year provided the liability was determined and crystallized during the relevant year.- Held That:- Mere suspicion is not enough for disallowance but proper "reasons to believe" must record reasons, the reading of which should demonstrate, that such a reasonable belief could be formed on some basis/foundation that income has escaped assessment. - Decided in favor of assessee and against revenue.
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