STANDARD MILLS CO. LTD. versus COMMISSIONER OF INCOME-TAX
The general principles of business expenses cannot be deducted from the amount provided for permanent liabilities which have been received from the Department of Excise for the assessment year 1976 77, 1977 78 and 1978 79 received from the excise duty payment. No arrangements have been made for payment of excise duty by. In his account, the amount mentioned in the duty showcase notice was not deducted in the assessment year 1979, 80 Indian Income Tax Act, 1961, Section 37.
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