https://www.taxtmi.com/caselaws?id=160351 The expression "acquired and paid for" in a sales tax exemption scheme was construed contextually to include fixed assets obtained on credit against an existing legal liability to pay. The Court held that "capital investment" is not limited to amounts already discharged in cash, and that excluding unpaid supplier liabilities would defeat the incentive scheme and create irrational distinctions between cash purchases and credit-funded acquisitions. The relevant factor was the obligation incurred for eligible fixed assets, not the source of financing or the timing of payment. The exemption basis was therefore directed to be recomputed, with consequential revision of the related subsidy computation. en-us Wed, 21 Apr 1999 00:00:00 +0530 Mon, 16 Dec 2013 16:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160351 The expression "acquired and paid for" in a sales tax exemption scheme was construed contextually to include fixed assets obtained on credit against an existing legal liability to pay. The Court held that "capital investment" is not limited to amounts already discharged in cash, and that excluding unpaid supplier liabilities would defeat the incentive scheme and create irrational distinctions between cash purchases and credit-funded acquisitions. The relevant factor was the obligation incurred for eligible fixed assets, not the source of financing or the timing of payment. The exemption basis was therefore directed to be recomputed, with consequential revision of the related subsidy computation. Case-Laws VAT and Sales Tax Wed, 21 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160351