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2001 (5) TMI 167 - AT - Income TaxExtract: .......gh it has not during the relevant previous year, parted with the money in payment to the vendor out of the income of the previous year in question although it had created the liability in its accounts for the said payment. Thus the assessee s appeal is allowed. 7. In the result the Revenue s appeal is dismissed and the assessee s appeal is allowed.
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