https://www.taxtmi.com/caselaws?id=423997 Liabilities are deductible when they crystallise during the relevant year under the regular method of accounting, even if invoices are raised after the underlying proceedings end. Interest and finance charges transferred under a demerger scheme were not fresh year-end liabilities, and prior period expenditure and provident fund interest shortfalls were allowable when crystallised. A notional surplus from actuarial valuation of provident fund trust assets was not taxable as income because it was only a valuation entry with no real accrual or receipt. Repairs to plant and machinery used for maintenance and preservation of existing transmission assets were revenue expenditure and did not create a new asset or enduring advantage. The Revenue appeal succeeded only to the limited extent of a remand on the lease-advance issue. en-us Tue, 14 Jun 2022 00:00:00 +0530 Sun, 19 Jun 2022 22:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423997 Liabilities are deductible when they crystallise during the relevant year under the regular method of accounting, even if invoices are raised after the underlying proceedings end. Interest and finance charges transferred under a demerger scheme were not fresh year-end liabilities, and prior period expenditure and provident fund interest shortfalls were allowable when crystallised. A notional surplus from actuarial valuation of provident fund trust assets was not taxable as income because it was only a valuation entry with no real accrual or receipt. Repairs to plant and machinery used for maintenance and preservation of existing transmission assets were revenue expenditure and did not create a new asset or enduring advantage. The Revenue appeal succeeded only to the limited extent of a remand on the lease-advance issue. Case-Laws Income Tax Tue, 14 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423997