https://www.taxtmi.com/caselaws?id=19933 The High Court upheld the Tribunal's decision regarding the liability of refineries for ocean loss in excess of 0.5% for the assessment years 1981-82 and 1982-83. It was held that the liability arose in the relevant accounting years as per the government letter issued on January 31, 1981. The Court ruled in favor of the assessee, a crude oil refining company, allowing deduction for ocean loss based on the mercantile system of accounting. Additionally, the deduction for a donation made to the Medical Aid Society was dismissed based on factual findings. en-us Thu, 21 Jul 1994 00:00:00 +0530 Tue, 10 Nov 2009 16:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19933 The High Court upheld the Tribunal's decision regarding the liability of refineries for ocean loss in excess of 0.5% for the assessment years 1981-82 and 1982-83. It was held that the liability arose in the relevant accounting years as per the government letter issued on January 31, 1981. The Court ruled in favor of the assessee, a crude oil refining company, allowing deduction for ocean loss based on the mercantile system of accounting. Additionally, the deduction for a donation made to the Medical Aid Society was dismissed based on factual findings. Case-Laws Income Tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19933