https://www.taxtmi.com/caselaws?id=7506 Past-year expenditure can be deducted in a later assessment year only where a regularly employed accounting method consistently carries it forward; absent proof of such a method, the claim fails. In sales of unascertained goods, profits accrue where the goods are appropriated and property passes; on the stated facts, gypsum profits accrued at Jamsar in Part B State. Litigation expenses incurred to secure an additional lease right and protect an enduring business asset are capital in nature, not revenue expenditure. The article therefore states the governing principles on deferred deduction, place of accrual of sales profits, and the capital-revenue distinction for legal expenses. en-us Tue, 29 Oct 1968 00:00:00 +0530 Fri, 20 Feb 2009 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7506 Past-year expenditure can be deducted in a later assessment year only where a regularly employed accounting method consistently carries it forward; absent proof of such a method, the claim fails. In sales of unascertained goods, profits accrue where the goods are appropriated and property passes; on the stated facts, gypsum profits accrued at Jamsar in Part B State. Litigation expenses incurred to secure an additional lease right and protect an enduring business asset are capital in nature, not revenue expenditure. The article therefore states the governing principles on deferred deduction, place of accrual of sales profits, and the capital-revenue distinction for legal expenses. Case-Laws Income Tax Tue, 29 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7506