https://www.taxtmi.com/caselaws?id=64715 Business deductions and income accrual were examined across excise, expenditure and payment issues. Storage and transit wastage duty and the general excise-duty claim remained disallowed under the earlier position. Legal and consultancy retainers unrelated to income-tax proceedings were deductible as business expenditure. Most cash payments qualified under exceptional circumstances, except one payment where cheque payment was feasible. Molasses loss, full bottle-breakage loss, the CSD excise-duty component and bank-interest expenditure were allowable; irrecoverable advances lacked proof of becoming bad. A pre-accrual waiver of interest, supported by the debtor's financial condition, prevented taxation of deemed interest under mercantile accounting. en-us Wed, 19 Jun 1991 00:00:00 +0530 Wed, 09 Feb 2011 14:42:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64715 Business deductions and income accrual were examined across excise, expenditure and payment issues. Storage and transit wastage duty and the general excise-duty claim remained disallowed under the earlier position. Legal and consultancy retainers unrelated to income-tax proceedings were deductible as business expenditure. Most cash payments qualified under exceptional circumstances, except one payment where cheque payment was feasible. Molasses loss, full bottle-breakage loss, the CSD excise-duty component and bank-interest expenditure were allowable; irrecoverable advances lacked proof of becoming bad. A pre-accrual waiver of interest, supported by the debtor's financial condition, prevented taxation of deemed interest under mercantile accounting. Case-Laws Income Tax Wed, 19 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64715