https://www.taxtmi.com/caselaws?id=116996 Foreman commission in a chit business accrues at each monthly draw where the statutory scheme and chit agreement make the remuneration payable and create a complete right to receive it at that stage. The completion method cannot defer recognition until the chit ends, irrespective of its ultimate profit or loss. Petrol- or diesel-driven generators do not qualify for the higher depreciation rate applicable to wind-energy generators or other renewable-energy devices. Accordingly, the mercantile basis applies to the foreman's commission income, and higher depreciation is unavailable for non-renewable fuel generators. en-us Tue, 27 May 2003 00:00:00 +0530 Fri, 20 May 2016 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116996 Foreman commission in a chit business accrues at each monthly draw where the statutory scheme and chit agreement make the remuneration payable and create a complete right to receive it at that stage. The completion method cannot defer recognition until the chit ends, irrespective of its ultimate profit or loss. Petrol- or diesel-driven generators do not qualify for the higher depreciation rate applicable to wind-energy generators or other renewable-energy devices. Accordingly, the mercantile basis applies to the foreman's commission income, and higher depreciation is unavailable for non-renewable fuel generators. Case-Laws Income Tax Tue, 27 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116996