https://www.taxtmi.com/caselaws?id=167761 Section 43 of the West Bengal Sales Tax Act, 1994 required the gross value of fixed capital assets of a rehabilitated or revived sick industrial unit to be taken as the value existing on the date of rehabilitation or revival. For land, buildings, plant and machinery already in existence, that meant depreciated value on the relevant date; only newly purchased and installed plant and machinery could be taken at actual cost. The unit's own return and revision materials were consistent with depreciated value, and the statutory language did not support substituting original purchase price. The challenge to the valuation therefore failed. en-us Tue, 05 Mar 2013 00:00:00 +0530 Sat, 03 Jan 2015 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167761 Section 43 of the West Bengal Sales Tax Act, 1994 required the gross value of fixed capital assets of a rehabilitated or revived sick industrial unit to be taken as the value existing on the date of rehabilitation or revival. For land, buildings, plant and machinery already in existence, that meant depreciated value on the relevant date; only newly purchased and installed plant and machinery could be taken at actual cost. The unit's own return and revision materials were consistent with depreciated value, and the statutory language did not support substituting original purchase price. The challenge to the valuation therefore failed. Case-Laws VAT and Sales Tax Tue, 05 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167761