https://www.taxtmi.com/caselaws?id=795804 Scrap-credit liabilities supported by contractual records, payment evidence and customer confirmation are treated as ascertained business liabilities rather than contingent claims. CENVAT credit on tools, spares and stores, characterised as revenue or consumable items for income-tax purposes, need not reduce the depreciable asset block where capital-asset credit has been adjusted. Actual-payment evidence supports excise-duty and allowable incentive claims. Depreciation on new assets requires proof of installation and business use. Ad hoc expense or staff-welfare disallowances require identified defects or non-business items, while TDS-based turnover differences require reconciliation with gross receipts, excise adjustment and separately recorded income. en-us Tue, 16 Jun 2026 00:00:00 +0530 Tue, 28 Jul 2026 08:30:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795804 Scrap-credit liabilities supported by contractual records, payment evidence and customer confirmation are treated as ascertained business liabilities rather than contingent claims. CENVAT credit on tools, spares and stores, characterised as revenue or consumable items for income-tax purposes, need not reduce the depreciable asset block where capital-asset credit has been adjusted. Actual-payment evidence supports excise-duty and allowable incentive claims. Depreciation on new assets requires proof of installation and business use. Ad hoc expense or staff-welfare disallowances require identified defects or non-business items, while TDS-based turnover differences require reconciliation with gross receipts, excise adjustment and separately recorded income. Case-Laws Income Tax Tue, 16 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795804