Spot realisation

By Vijay Kumar

Spot realisation is a favourite pastime of our Audit parties. A Superintendent heading an Audit party was trying to convince the assessee into spot realisation. At one point he exclaimed, "As an assessee you have an obligation to pay the duties, and we expect you to eagerly pay them with a smile."

"Thank God," said the assessee "I thought you were going to want cash”