https://www.taxtmi.com/caselaws?id=161909 An incentive-based expansion and modernisation exemption tied to turnover in the relevant assessment year must be computed only after the year ends, because the benefit depends on comparing annual production or turnover against the statutory base for that entire twelve-month period. Monthly return provisions may nevertheless be read harmoniously to allow reasonable estimated turnover and production figures during the year, since the scheme is meant to promote industrial development and is not defeated by practical estimation. Such estimates remain subject to adjustment, and inaccurate claims may attract interest or penalty. The text also indicates that year-end computation governs final entitlement, while interim monthly compliance may proceed on a bona fide estimated basis. en-us Wed, 04 May 2005 00:00:00 +0530 Mon, 10 Feb 2014 18:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161909 An incentive-based expansion and modernisation exemption tied to turnover in the relevant assessment year must be computed only after the year ends, because the benefit depends on comparing annual production or turnover against the statutory base for that entire twelve-month period. Monthly return provisions may nevertheless be read harmoniously to allow reasonable estimated turnover and production figures during the year, since the scheme is meant to promote industrial development and is not defeated by practical estimation. Such estimates remain subject to adjustment, and inaccurate claims may attract interest or penalty. The text also indicates that year-end computation governs final entitlement, while interim monthly compliance may proceed on a bona fide estimated basis. Case-Laws VAT and Sales Tax Wed, 04 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161909