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1992 (9) TMI 116 - AT - Income TaxExtract: .......ity represented a mere contingent liability not allowable as a deduction while computing the profits of the assessee. This decision is squarely against the claim of the assessee. Respectfully following the decision of the Calcutta High Court, we uphold the order of the CIT under section 263 even on merits. 16. In the result, the appeal is dismissed
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