https://www.taxtmi.com/caselaws?id=70572 Tax deductibility was examined for four recurring business items. An excise duty rebate withdrawn by the authorities before assessment remained deductible because tax treatment depended on the legal position at assessment and the refund liability had accrued under mercantile principles. Guest house-related refreshments and tea supplied to suppliers and customers were treated as ordinary business expenditure, not a disallowable guest house outlay. A gratuity provision was allowable where the fund had been created, approval was applied for in time, and later recognition related back under the statutory scheme. Amounts retained under a molasses storage control order were also deductible as sums set apart in compliance with the binding regulatory regime. en-us Fri, 09 Jan 1981 00:00:00 +0530 Mon, 18 Apr 2011 10:21:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70572 Tax deductibility was examined for four recurring business items. An excise duty rebate withdrawn by the authorities before assessment remained deductible because tax treatment depended on the legal position at assessment and the refund liability had accrued under mercantile principles. Guest house-related refreshments and tea supplied to suppliers and customers were treated as ordinary business expenditure, not a disallowable guest house outlay. A gratuity provision was allowable where the fund had been created, approval was applied for in time, and later recognition related back under the statutory scheme. Amounts retained under a molasses storage control order were also deductible as sums set apart in compliance with the binding regulatory regime. Case-Laws Income Tax Fri, 09 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70572