https://www.taxtmi.com/caselaws?id=190781 Recurring privilege fees paid for exclusive liquor manufacturing, distribution or wholesale rights are treated as revenue expenditure where they are annual business outgoings, do not create an enduring asset, and directly support the profit-earning process. Unpaid excise duty on goods retained in a bonded warehouse is excluded from closing-stock valuation where the duty has neither been paid nor become payable on removal. Employees' PF and ESI contributions remitted after the welfare-law due date but before the income-tax return filing due date are treated as deductible. These principles support allowance of the privilege fee and welfare contributions and exclusion of unpaid bonded-warehouse duty from closing stock. 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 Recurring privilege fees paid for exclusive liquor manufacturing, distribution or wholesale rights are treated as revenue expenditure where they are annual business outgoings, do not create an enduring asset, and directly support the profit-earning process. Unpaid excise duty on goods retained in a bonded warehouse is excluded from closing-stock valuation where the duty has neither been paid nor become payable on removal. Employees' PF and ESI contributions remitted after the welfare-law due date but before the income-tax return filing due date are treated as deductible. These principles support allowance of the privilege fee and welfare contributions and exclusion of unpaid bonded-warehouse duty from closing stock. Case-Laws Income Tax Thu, 26 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190781