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Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer.
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Higher depreciation was allowed for commercial vehicles acquired during the specified period and included in the relevant asset block. Warranty provisions were allowed because they were scientifically determined, consistently applied and inextricably linked to sales rather than contingent liabilities. For approved in-house research facilities, approval of the facility was treated as material, while the difference between approved and incurred expenditure was remitted for limited verification. Expenditure disallowance relating to exempt income was deleted: joint-venture investments produced no exempt income, and interest-free funds exceeded investments yielding exempt income. The deduction for employing new workmen was allowed consistently with earlier years. Both appeals succeeded, subject to limited verification of the research deduction.
Higher depreciation was allowed for commercial vehicles acquired during the specified period and included in the relevant asset block. Warranty provisions were allowed because they were scientifically determined, consistently applied and inextricably linked to sales rather than contingent liabilities. For approved in-house research facilities, approval of the facility was treated as material, while the difference between approved and incurred expenditure was remitted for limited verification. Expenditure disallowance relating to exempt income was deleted: joint-venture investments produced no exempt income, and interest-free funds exceeded investments yielding exempt income. The deduction for employing new workmen was allowed consistently with earlier years. Both appeals succeeded, subject to limited verification of the research deduction.
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