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Bombay High Court Upholds Foreign Travel Scheme Expenditure as Accrued Liability and Seed Processing as Manufacture for Section 80IA Deduction. Assessee's Unconditional Incentive Scheme Announcement Created a Binding Contract, Making Liability Accrued, Not Contingent.

The appeal arose from an order of the Income Tax Appellate Tribunal, Mumbai, relating to Assessment Year 1996-1997. The assessee, Maharashtra Hybrid S...