H.P.STATE CIVIL SUPPLIES CORPORATION vs. ASSTT.COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE TARLOK SINGH CHAUHAN,HON'BLE MR. JUSTICE SATYEN VAIDYA

ii) Whether leave encashment, which is a kind of earned leave, is a present liability or a future liability so as to be allowed the expenses u/s 37 of the Income Tax Act, 1961 d deductible from gross profit? iii) Whether leave encashment is a current or present liability or a contingent liability in view of the principles laid down