In the result, both the appeals filed by revenue are dismissed
Bench: Shri. Chandra Poojari & Smt. Beena Pillai
44A of the Act, observed : "depreciation claimed shall include the expenditure incurred." 16. There are only two recognised methods of accounting : (i) cash basis, and (ii) merecantile basis. Under the cash basis only cash transactions are recorded. It is only cash receipts and cash payments which find entries in the books of account. Mercantile system of accounting was explained