High Court rules capital work-in-progress & plant machinery transit value included in capital computation The High Court of Karnataka ruled in favor of the assessee, affirming that the value of capital work-in-progress and plant and machinery in transit should ...
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High Court rules capital work-in-progress & plant machinery transit value included in capital computation
The High Court of Karnataka ruled in favor of the assessee, affirming that the value of capital work-in-progress and plant and machinery in transit should be included in the computation of capital for the assessment year 1981-82. This decision was based on precedent from a previous case, Ravi Machine Tools (P.) Ltd. v. CIT [1978] 114 ITR 459.
The High Court of Karnataka delivered a judgment in response to a reference made by the Revenue regarding the assessment year 1981-82. The question referred was about including the value of capital work-in-progress and plant and machinery in transit in the computation of capital. The court answered the question in the affirmative and in favor of the assessee based on a previous judgment in Ravi Machine Tools (P.) Ltd. v. CIT [1978] 114 ITR 459.
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