https://www.taxtmi.com/caselaws?id=126728 Interest that accrued in earlier exempt years was not taxable merely because it was received after the assessee shifted to mercantile accounting, as the real-income principle and the regularly employed method of accounting governed the year of taxation. Depreciation was to be computed without reducing notional depreciation for exempt years from written down value, because only depreciation actually allowed under the Act could be considered. Project-fund interest and doubtful-loan interest were partly remanded or examined under special provisions, while several deductions were denied, including gratuity fund contribution, employee recreation trust contribution, leasehold land amortization, delayed provident fund payment, and part of the section 36 claims; repairs and some prior-period items were allowed. en-us Fri, 17 Aug 2007 00:00:00 +0530 Wed, 12 Jun 2013 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126728 Interest that accrued in earlier exempt years was not taxable merely because it was received after the assessee shifted to mercantile accounting, as the real-income principle and the regularly employed method of accounting governed the year of taxation. Depreciation was to be computed without reducing notional depreciation for exempt years from written down value, because only depreciation actually allowed under the Act could be considered. Project-fund interest and doubtful-loan interest were partly remanded or examined under special provisions, while several deductions were denied, including gratuity fund contribution, employee recreation trust contribution, leasehold land amortization, delayed provident fund payment, and part of the section 36 claims; repairs and some prior-period items were allowed. Case-Laws Income Tax Fri, 17 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126728