Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2009 (2) TMI 31 - HC - Income Tax
Allowance of provision for “Long Service Award” payable by assessee to employees - if a liability arises within the accounting period, the deduction should be allowed though it may be quantified & discharged at a future date - fact that the provision was estimated based on actuarial calculations, deduction claimed is allowed – in respect of capitalization of cost of emergency/insurance spares, since spares are emergency spares required for plant & machinery, depreciation can be claimed thereon