2008 (8) TMI 488

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..... ingent liability and that the said expenditure was allowable expenditure. In this case Bombay High Court dismissed the appeal of the revenue on the basis of the decision of Supreme Court, relied by the lower authority. - 128 of 2008 , 341 of 2006 , 098 of 2007 - - - Dated:- 8-8-2008 - D.K.DESHMUKH and J. P. DEVADHAR JJ R. Ashokan for the appellant. A. Vissanji for the respondent JU .....

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..... g the mercantile systern of accounting, estimate of accrued liability to be discharged at a future date is an allowable expenditure. Moreover, the appeal filed by the Revenue against the decision of the Tribunal for the assessment year 1989-90 has already been dismissed for default and no efforts have been made to restore the said appeal. 3 . In these circumstances, we see no merit in these app .....

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