https://www.taxtmi.com/caselaws?id=192303 Under mercantile accounting, cess and cess surcharge that were statutorily payable at year-end constituted an accrued and ascertained liability, so the deduction was allowable for the relevant assessment year even though the levy was later invalidated and the claim appeared only in the computation of income; bookkeeping treatment was irrelevant. Investment allowance under Section 32A(1) depended on the machinery being installed and ready for use before the prescribed cut-off date, and the factual material showed the coal mill and auxiliaries were commissioned only later, with essential components and supporting acceptance material absent; the allowance was therefore not admissible. en-us Wed, 23 Dec 2015 00:00:00 +0530 Wed, 24 May 2017 07:02:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192303 Under mercantile accounting, cess and cess surcharge that were statutorily payable at year-end constituted an accrued and ascertained liability, so the deduction was allowable for the relevant assessment year even though the levy was later invalidated and the claim appeared only in the computation of income; bookkeeping treatment was irrelevant. Investment allowance under Section 32A(1) depended on the machinery being installed and ready for use before the prescribed cut-off date, and the factual material showed the coal mill and auxiliaries were commissioned only later, with essential components and supporting acceptance material absent; the allowance was therefore not admissible. Case-Laws Income Tax Wed, 23 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192303