https://www.taxtmi.com/caselaws?id=190028 Under mercantile accounting, a trading loss based on fabricated sugarcane purchase bills was not deductible because the liability had not crystallised by year-end. A loss on sale of U.P. Government securities was treated as an allowable business deduction where the securities were acquired for commercial expediency rather than as stock-in-trade. Interest payable under the U.P. Sugarcane (Purchase) Tax Act was regarded as a revenue outgoing connected with business and allowed, whereas interest paid for delayed income-tax payment under section 220(2) was not incidental to business and was disallowed. Extra shift depreciation for double and triple shift working had to be computed proportionately to actual extra shift use, not at an automatic full rate. en-us Wed, 21 Aug 1991 00:00:00 +0530 Wed, 01 Feb 2017 12:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190028 Under mercantile accounting, a trading loss based on fabricated sugarcane purchase bills was not deductible because the liability had not crystallised by year-end. A loss on sale of U.P. Government securities was treated as an allowable business deduction where the securities were acquired for commercial expediency rather than as stock-in-trade. Interest payable under the U.P. Sugarcane (Purchase) Tax Act was regarded as a revenue outgoing connected with business and allowed, whereas interest paid for delayed income-tax payment under section 220(2) was not incidental to business and was disallowed. Extra shift depreciation for double and triple shift working had to be computed proportionately to actual extra shift use, not at an automatic full rate. Case-Laws Income Tax Wed, 21 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190028