https://www.taxtmi.com/caselaws?id=59871 Statutory interest on excess collections credited to the Sugar Cess Fund was treated as an ascertained business liability because the governing scheme fixed the obligation from inception, and under mercantile accounting the liability accrued year to year while the amounts remained with the assessee; the deduction was therefore allowable. A weighbridge, and the scale on the same footing, was regarded as plant, so investment allowance was admissible in principle subject to satisfaction of the remaining statutory conditions. The commentary states that both claims were accepted and the assessee succeeded on the deduction and allowance issues. en-us Mon, 13 Jan 1992 00:00:00 +0530 Sat, 01 Jan 2011 15:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59871 Statutory interest on excess collections credited to the Sugar Cess Fund was treated as an ascertained business liability because the governing scheme fixed the obligation from inception, and under mercantile accounting the liability accrued year to year while the amounts remained with the assessee; the deduction was therefore allowable. A weighbridge, and the scale on the same footing, was regarded as plant, so investment allowance was admissible in principle subject to satisfaction of the remaining statutory conditions. The commentary states that both claims were accepted and the assessee succeeded on the deduction and allowance issues. Case-Laws Income Tax Mon, 13 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59871