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1973 (7) TMI 27 - HC - Income TaxAssessee follows mercantile system of accounting - whether the liability to pay excise duty is allowable in the year in which the liability arose are in the year of payment - " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was not entitled to deduction of Rs. 31,675 being the excise duty actually paid by it in 1962, on the ground that the liability therefor had arisen in 1952 ? "
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