https://www.taxtmi.com/caselaws?id=77861 The court ruled in favor of the assessee regarding the allowance of sales tax payable, stating that the deduction was permissible if the sum was paid within the statutory time allowed under the Income-tax Act. However, the court sided with the Revenue on the treatment of subsidy received for a generator set, holding that the specific subsidy should be deducted from the actual cost for depreciation calculation and that the applicable depreciation rate was 15%. The judgment provided a detailed analysis of these issues, clarifying the legal principles involved. en-us Tue, 11 Sep 2007 00:00:00 +0530 Sat, 16 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77861 The court ruled in favor of the assessee regarding the allowance of sales tax payable, stating that the deduction was permissible if the sum was paid within the statutory time allowed under the Income-tax Act. However, the court sided with the Revenue on the treatment of subsidy received for a generator set, holding that the specific subsidy should be deducted from the actual cost for depreciation calculation and that the applicable depreciation rate was 15%. The judgment provided a detailed analysis of these issues, clarifying the legal principles involved. Case-Laws Income Tax Tue, 11 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77861