https://www.taxtmi.com/caselaws?id=59446 A definite business liability under an Early Retirement Scheme is deductible when it accrues and can be estimated with reasonable certainty, even if payment is deferred. Municipal valuation may govern annual letting value where it has been accepted in the taxpayer's own case and no distinguishing facts are shown. Section 92 applies only if business arrangements are shown to suppress the resident's ordinary profits; over-invoicing allegations based on unreliable comparables do not justify an addition, particularly where price control explains the loss. Sales-tax is excluded from total turnover for section 80HHC where settled judicial precedent applies, and a sales promotion disallowance cannot stand without new distinguishing material. en-us Wed, 16 May 2007 00:00:00 +0530 Wed, 11 Jul 2012 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59446 A definite business liability under an Early Retirement Scheme is deductible when it accrues and can be estimated with reasonable certainty, even if payment is deferred. Municipal valuation may govern annual letting value where it has been accepted in the taxpayer's own case and no distinguishing facts are shown. Section 92 applies only if business arrangements are shown to suppress the resident's ordinary profits; over-invoicing allegations based on unreliable comparables do not justify an addition, particularly where price control explains the loss. Sales-tax is excluded from total turnover for section 80HHC where settled judicial precedent applies, and a sales promotion disallowance cannot stand without new distinguishing material. Case-Laws Income Tax Wed, 16 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59446