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Deputy Commissioner of Income Tax Vs. Glaxo Smithkline Consumer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107ITD343(Chd.)

..... (a) at chandigarh dt. 19th jan., 2005. it arises out of the assessment completed under section 143(3) of the it act, 1961.2. the assessee company is engaged in the business of manufacture and sale of food and healthcare products. the assessee is the brand owner of "horlicks". the assessee company has returned an income ..... on general basis. the expression "a deduction otherwise allowable" reflects deduction on account of general liability fastened to assessee's business on account of duties, taxes, cess, fees by whatever name called arise in the course of the carrying on of the business. the expression does not mean any specific liability which is required ..... the accrued liability notwithstanding the fact that the assessee had disputed the liability or not paid such duty. hon'ble supreme court in the case of kedarnath jute mfg. co. ltd. v. cit held that assessee following mercantile system of accounting is entitled to deduction in respect of accrued statutory liability notwithstanding the fact .....