https://www.taxtmi.com/caselaws?id=36627 Under the mercantile system, a liability based on an ascertained contractual or similar obligation accrues when it is quantified or settled, so the annual contribution payable to the textile research association was deductible in the relevant previous year. By contrast, a Tribunal's finding on stock discrepancies will not be interfered with in reference unless it is shown to have relied on irrelevant material or omitted relevant material. The Tribunal had considered the stock position, the explanation for inflated stocks to obtain a larger bank overdraft, and the later rectification application, so its conclusion on the Pondicherry unit remained a factual finding and the addition was sustained. en-us Thu, 27 Sep 1979 00:00:00 +0530 Tue, 23 Mar 2010 15:18:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36627 Under the mercantile system, a liability based on an ascertained contractual or similar obligation accrues when it is quantified or settled, so the annual contribution payable to the textile research association was deductible in the relevant previous year. By contrast, a Tribunal's finding on stock discrepancies will not be interfered with in reference unless it is shown to have relied on irrelevant material or omitted relevant material. The Tribunal had considered the stock position, the explanation for inflated stocks to obtain a larger bank overdraft, and the later rectification application, so its conclusion on the Pondicherry unit remained a factual finding and the addition was sustained. Case-Laws Income Tax Thu, 27 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36627