https://www.taxtmi.com/caselaws?id=10230 The case involved a private limited company facing unforeseen circumstances leading to useless bottles. The company claimed depreciation under the Income-tax Act, which was allowed. Compensation received was deemed taxable as a revenue receipt. The valuation of stock of bottles was accepted, and bonus payment in excess was ruled as customary and not taxable. The judgment favored the company on taxability of compensation and bonus payment, based on the Income-tax Act and relevant case law. en-us Fri, 05 Nov 2004 00:00:00 +0530 Sat, 11 Jul 2009 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10230 The case involved a private limited company facing unforeseen circumstances leading to useless bottles. The company claimed depreciation under the Income-tax Act, which was allowed. Compensation received was deemed taxable as a revenue receipt. The valuation of stock of bottles was accepted, and bonus payment in excess was ruled as customary and not taxable. The judgment favored the company on taxability of compensation and bonus payment, based on the Income-tax Act and relevant case law. Case-Laws Income Tax Fri, 05 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10230