https://www.taxtmi.com/caselaws?id=276874 Compulsory sales tax payments made under provisional assessments were treated as trading outgoings incurred under the statutory sales tax scheme, and the assessee's regular accounting method of debiting actual payments and crediting refunds had been accepted in prior assessments. The Excess Profits Tax framework, read with the income-tax rule on regularly employed accounting methods, required profits to be computed on that settled basis unless proper profits could not otherwise be deduced. Rule 12 did not permit the taxing authority to recast the accounts merely because later refunds reduced the final burden or because a different treatment would favour the Revenue. The disallowance was therefore unwarranted and the issue was answered in favour of the assessee. en-us Thu, 02 Feb 1956 00:00:00 +0530 Mon, 19 Nov 2018 17:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276874 Compulsory sales tax payments made under provisional assessments were treated as trading outgoings incurred under the statutory sales tax scheme, and the assessee's regular accounting method of debiting actual payments and crediting refunds had been accepted in prior assessments. The Excess Profits Tax framework, read with the income-tax rule on regularly employed accounting methods, required profits to be computed on that settled basis unless proper profits could not otherwise be deduced. Rule 12 did not permit the taxing authority to recast the accounts merely because later refunds reduced the final burden or because a different treatment would favour the Revenue. The disallowance was therefore unwarranted and the issue was answered in favour of the assessee. Case-Laws Income Tax Thu, 02 Feb 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276874