https://www.taxtmi.com/caselaws?id=12112 Depreciation on a guest house was held barred by s.37(4) notwithstanding the general allowance under s.32, because Parliament expressly denied depreciation on specified assets and the statute must be read harmoniously so that the special prohibition is not rendered otiose by resort to the general depreciation provision; depreciation was therefore disallowed and the issue was decided for the Revenue. Separately, Government incentives in the form of an increased free-sale quota linked to excise duty and purchase tax were characterized by their true purpose; where the incentive was intended to enable the assessee to meet capital cost, its capital nature prevails even if received after commencement of production, with the consequence that it is not taxable as revenue receipt. en-us Mon, 16 Sep 2002 00:00:00 +0530 Wed, 24 Dec 2025 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12112 Depreciation on a guest house was held barred by s.37(4) notwithstanding the general allowance under s.32, because Parliament expressly denied depreciation on specified assets and the statute must be read harmoniously so that the special prohibition is not rendered otiose by resort to the general depreciation provision; depreciation was therefore disallowed and the issue was decided for the Revenue. Separately, Government incentives in the form of an increased free-sale quota linked to excise duty and purchase tax were characterized by their true purpose; where the incentive was intended to enable the assessee to meet capital cost, its capital nature prevails even if received after commencement of production, with the consequence that it is not taxable as revenue receipt. Case-Laws Income Tax Mon, 16 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12112