https://www.taxtmi.com/caselaws?id=36097 Under the mercantile system, a provision for central excise duty is deductible when the statutory liability accrues on manufacture, even if no demand notice has been issued or payment made. The article also explains that the term "petrochemicals" in the Fifth Schedule should be read in its popular and commercial sense, and may cover products derived from petroleum-based raw materials where the statutory context and trade understanding support that meaning. On that approach, nylon-6 was treated as falling within the relevant entry, with the result that higher development rebate was available. en-us Wed, 23 Jul 1980 00:00:00 +0530 Fri, 19 Mar 2010 12:53:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36097 Under the mercantile system, a provision for central excise duty is deductible when the statutory liability accrues on manufacture, even if no demand notice has been issued or payment made. The article also explains that the term "petrochemicals" in the Fifth Schedule should be read in its popular and commercial sense, and may cover products derived from petroleum-based raw materials where the statutory context and trade understanding support that meaning. On that approach, nylon-6 was treated as falling within the relevant entry, with the result that higher development rebate was available. Case-Laws Income Tax Wed, 23 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36097