Revenue expenditure for transit breakages allowed in the year of occurrence; Supreme Court declined to interfere.

Actual transit breakages were treated as revenue expenditure in the accounting year in which they occurred, and the High Court's view allowing the deduction in that year was left undisturbed. The Supreme Court found no reason to interfere and dismissed the special leave petitions, thereby accepting that such breakage losses were deductible in the relevant year on the facts presented.

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Issues: Whether actual transit breakages, when they occur, are allowable as revenue expenditure in the accounting year in which they occur.

Outcome: The High Court had held the expenditure allowable in the relevant accounting year, and no interference was found warranted. The special leave petitions were dismissed.

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