https://www.taxtmi.com/caselaws?id=26522 A settlement-based liability for 60% of kyanite profits was deductible in the assessment year because it arose from business operations already carried on and accrued under the mercantile system when the compromise was reached. Initial depreciation under section 32(1)(iv) was allowable for buildings completed after 31 March 1961, as completion, not commencement of construction, was the relevant test. Estimated mining lease rent and royalty, internal development expenditure, and the Tribunal's export profit rebate computation were all upheld as consistent with the assessee's accounting and the nature of the mining operations. The estimated copper royalty liability was remitted to the Tribunal for fresh examination on the correct accounting year. en-us Thu, 23 Jan 1986 00:00:00 +0530 Fri, 05 Feb 2010 15:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26522 A settlement-based liability for 60% of kyanite profits was deductible in the assessment year because it arose from business operations already carried on and accrued under the mercantile system when the compromise was reached. Initial depreciation under section 32(1)(iv) was allowable for buildings completed after 31 March 1961, as completion, not commencement of construction, was the relevant test. Estimated mining lease rent and royalty, internal development expenditure, and the Tribunal's export profit rebate computation were all upheld as consistent with the assessee's accounting and the nature of the mining operations. The estimated copper royalty liability was remitted to the Tribunal for fresh examination on the correct accounting year. Case-Laws Income Tax Thu, 23 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26522