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1994 (11) TMI 114 - HC - Income TaxExtract: ....... while dealing with the provisions of the Wealth-tax Act. We are of the view that neither the leave salary nor the leave encashment benefit payable to the employees can be said to be a present liability, but it is only a contingent liability and the assessee is not entitled to deduction. Hence our answer to the question is in favour of the Revenue.
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