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 or production, even where no demand notice has been issued and the duty remains unpaid or unquantified. Nylon-6 falls within the inclusive expression "petrochemicals" for higher development rebate when its petroleum-based origin and commercial understanding in trade and industry support that classification. The relevant fiscal entry is construed in its popular and commercial sense, with statutory context, legislative history and evidentiary material determining whether the product is covered. 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 or production, even where no demand notice has been issued and the duty remains unpaid or unquantified. Nylon-6 falls within the inclusive expression "petrochemicals" for higher development rebate when its petroleum-based origin and commercial understanding in trade and industry support that classification. The relevant fiscal entry is construed in its popular and commercial sense, with statutory context, legislative history and evidentiary material determining whether the product is covered. Case-Laws Income Tax Wed, 23 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36097