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Deduction of Provision for contingency - Ascertained liability - the system of accounting followed by the assessee is mercantile and any expenditure not paid by the close of the year is as it is allowable and in-fact even in a mercantile system of accounting while income is also to be included which has accrued to the assessee so also the expenditure is to be allowed in similar fashion. - HC

Income Tax - Deduction of Provision for contingency - Ascertained liability - the system of accounting, followed by the assessee, is mercantile and any expenditure, not paid by the close of the year, .....

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