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1972 (10) TMI 15 - HC - Income TaxDuring the year the assessee-company had an income of Rs. 7,318 in the outstanding creditors' account and this amount was on account of expenses claimed in earlier years. The assessee-company had maintained its accounts on mercantile basis, and even though the amount in fact was not paid, yet as the liability was incurred, it was allowed as expenses incurred in the earlier years. In the year of account relevant to the assessment year 1961-62, the amount was outstanding in the outstanding creditors' account - "Whether, on the facts and in the circumstances of the case, the amount of Rs. 7,318 could be included in the income of the assessee-company for the assessment year 1961-62, under the provisions of section 10(2A) or section 12(5)?"
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