https://www.taxtmi.com/caselaws?id=170838 The court ruled in favor of the revenue regarding the assessability of sale proceeds of import entitlements as business income. It held that certain export promotion expenses were not eligible for weighted deduction. The court declined to answer the question on the admissibility of interest payable under the Deferred Payment Scheme as the assessee did not press the issue. However, the court allowed depreciation on a diesel generating set, noting that passive use of the asset was sufficient for depreciation allowance. The judgment was partly in favor of the revenue, with costs left undecided. en-us Mon, 28 May 1990 00:00:00 +0530 Fri, 19 Jun 2015 17:05:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170838 The court ruled in favor of the revenue regarding the assessability of sale proceeds of import entitlements as business income. It held that certain export promotion expenses were not eligible for weighted deduction. The court declined to answer the question on the admissibility of interest payable under the Deferred Payment Scheme as the assessee did not press the issue. However, the court allowed depreciation on a diesel generating set, noting that passive use of the asset was sufficient for depreciation allowance. The judgment was partly in favor of the revenue, with costs left undecided. Case-Laws Income Tax Mon, 28 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170838