6.1 We have considered th e rival submissions. The a ssessee on our inquiry informed that he could not make a vailable the cash incentive sc h eme applicable to the a ssessee but Shri Anant Narayana n submitted on the basis o f the chart, the particulars of which are reproduced a bove, that a claim for cash ince n tive admissible is to be f illed at the end of the each quart e r by the assessee and it w ill be admissible only when t h e assessee makes the r equired application each quart e r. Taking note of this c ircumstance and the Madras Hi g h Court decision in the c ase of Ashoka Lungi Co. 120 I. T. R . 413, we will hold that t h e right to cash incentive of each q uarter will become due t o the assessee at the time when t he application is made. A fter the application what follo w s is the verification of a ssessee's claim and the quanti f ication of the amouut a dmissible. Applying this principl e , we will hold that cash i n centive for the quarter ended on 3-3-1978 amounting to R s. 1,04,304/- cannot be said to a c crue to the assessee in t h e assessment year 1978-79 a nd that amount had, t h erefore, not been rightly included in the assessment u nder mercantile system. Consequ e ntly, we will reduce the a ddition made by the ITO by the a mount of Rs. 1,04,304/- a nd partly accept the assessee's co n tention."
