https://www.taxtmi.com/caselaws?id=239745 Reassessment was upheld because the assessee had itself accepted that the cash discount related to a later year. Privilege fees paid to the Excise Department were treated as revenue expenditure, being integrally connected with the wholesale liquor and not capital in nature. Cash discount was held taxable in the year to which it related, with year-wise verification directed. Refundable security deposits from suppliers were held not to be trading receipts unless forfeited or written back. Prior period expenses and sundry creditors were remanded for factual verification. Interest under section 234D was held inapplicable for the year, while interest under sections 234A, 234B and 234C was upheld. en-us Fri, 01 Feb 2013 00:00:00 +0530 Mon, 18 Nov 2013 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239745 Reassessment was upheld because the assessee had itself accepted that the cash discount related to a later year. Privilege fees paid to the Excise Department were treated as revenue expenditure, being integrally connected with the wholesale liquor and not capital in nature. Cash discount was held taxable in the year to which it related, with year-wise verification directed. Refundable security deposits from suppliers were held not to be trading receipts unless forfeited or written back. Prior period expenses and sundry creditors were remanded for factual verification. Interest under section 234D was held inapplicable for the year, while interest under sections 234A, 234B and 234C was upheld. Case-Laws Income Tax Fri, 01 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239745