https://www.taxtmi.com/caselaws?id=193327 Under the mercantile system, liability for the coal price accrued on delivery because there was no agreement postponing payment, and delivery and payment are concurrent conditions in the absence of a contrary contract. The coal had been supplied and consumed in the accounting year ending 31 October 1943, and that admitted fact was sufficient to show that the expenditure was incurred in that year. Later receipt of invoices did not defer accrual of the liability. The expenditure was therefore treated as belonging to the earlier accounting year and could not be deducted in the relevant year. The reference was answered against the assessee. en-us Wed, 09 Jan 1952 00:00:00 +0530 Mon, 24 Jul 2017 17:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193327 Under the mercantile system, liability for the coal price accrued on delivery because there was no agreement postponing payment, and delivery and payment are concurrent conditions in the absence of a contrary contract. The coal had been supplied and consumed in the accounting year ending 31 October 1943, and that admitted fact was sufficient to show that the expenditure was incurred in that year. Later receipt of invoices did not defer accrual of the liability. The expenditure was therefore treated as belonging to the earlier accounting year and could not be deducted in the relevant year. The reference was answered against the assessee. Case-Laws Income Tax Wed, 09 Jan 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193327