https://www.taxtmi.com/caselaws?id=159540 Circulars issued by the Reserve Bank for credit institutions under a small-scale industry scheme were held to be only persuasive and not binding on sales tax authorities applying rule 3(66). Claimed reductions from the plant and machinery investment ceiling for flood, fire or technological deficiency were rejected because the rule provided no post-investment deduction and the alleged losses were not satisfactorily proved. For computing the ceiling, installation costs and the relevant electrical equipment expenditure were excluded under the governing guidelines, while the bitumen storage tank was treated as working equipment and not excludible. On that basis, the investment fell below the prescribed limit and eligibility was upheld. en-us Fri, 26 Apr 1991 00:00:00 +0530 Wed, 27 Nov 2013 12:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159540 Circulars issued by the Reserve Bank for credit institutions under a small-scale industry scheme were held to be only persuasive and not binding on sales tax authorities applying rule 3(66). Claimed reductions from the plant and machinery investment ceiling for flood, fire or technological deficiency were rejected because the rule provided no post-investment deduction and the alleged losses were not satisfactorily proved. For computing the ceiling, installation costs and the relevant electrical equipment expenditure were excluded under the governing guidelines, while the bitumen storage tank was treated as working equipment and not excludible. On that basis, the investment fell below the prescribed limit and eligibility was upheld. Case-Laws VAT and Sales Tax Fri, 26 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159540