https://www.taxtmi.com/caselaws?id=190781 A recurring privilege fee paid to secure and continue liquor business rights was treated as revenue expenditure under section 37(1), because it was an annual business outgo with no enduring asset or capital advantage and was not a mere appropriation of profits. Unpaid excise duty on goods still lying in a bonded warehouse was held outside closing stock valuation under section 145A, as the duty had neither been paid nor become payable on removal. Employees' PF and ESI contributions deposited before the return-filing due date were allowable despite delay under the welfare statutes. The article states that all three issues were resolved in favour of the assessees. en-us Thu, 26 May 2016 00:00:00 +0530 Tue, 17 Aug 2021 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190781 A recurring privilege fee paid to secure and continue liquor business rights was treated as revenue expenditure under section 37(1), because it was an annual business outgo with no enduring asset or capital advantage and was not a mere appropriation of profits. Unpaid excise duty on goods still lying in a bonded warehouse was held outside closing stock valuation under section 145A, as the duty had neither been paid nor become payable on removal. Employees' PF and ESI contributions deposited before the return-filing due date were allowable despite delay under the welfare statutes. The article states that all three issues were resolved in favour of the assessees. Case-Laws Income Tax Thu, 26 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190781