This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Bharat Earth Movers vs Commissioner Of Income Tax (Supreme Court)
Case Law Details
- Case Name
- Bharat Earth Movers Vs Commissioner Of Income Tax (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
Law is settled- If a business liability has definitely arisen in the accounting year, the deduction should be allowed although the liability may have to be quantified and discharged at a future date. What should be certain is the incurring of the liability. It should also be capable of being estimated with reasonable certainty though the actual quantification may not be possible. If these requirements are satisfied the liability is not a contingent one. The liability is in praesenti though it will be discharged at a future date. It does not make any difference if the future date on which the l...
