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2022 (2) TMI 1036 - HC - Income TaxDeduction of liability on account of the provision of leave encashment which has not fallen due within the financial year 1995-1996 corresponding to AY 1996-1997 - deduction of Voluntary Retirement Scheme (VRS) payments which is payable in future years and not crystallized expenditure of this year is in the nature of provision to meet the future liability - HELD THAT:- Tribunal rightly took note of the decision of the Hon’ble Supreme Court in Metal Box Company of India Ltd. Vs. Workmen [1968 (8) TMI 53 - SUPREME COURT] which was followed by the Hon’ble Supreme Court in Bharat Earth Movers [2000 (8) TMI 4 - SUPREME COURT]. Therefore, we find there is no error in the order passed by the Tribunal. Hence, question Nos. 1 and 2 are decided against the Revenue. Short term or long term capital gain - whether Consideration received on sale proceeds of assessee’s chemical undertaking is not liable to tax as short term capital gain under Section 50 of the Income Tax Act or as long term capital gain? - HELD THAT:- As in assessee’s own case in [2021 (12) TMI 143 - CALCUTTA HIGH COURT] we have dismissed the Revenue’s appeal and decided the question in favour of the respondent/assessee. Thus, following the said decision, the substantial question No. 3 is also answered against the Revenue.
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