https://www.taxtmi.com/caselaws?id=12935 Depreciation on scientific equipment was held unavailable where the related expenditure had already been fully allowed under the incentive provision as amended, and the challenge to the validity of that provision was outside the scope of the reference. By contrast, limestone extraction was treated as part of an integrated industrial process for cement manufacture, so the activity still constituted production of limestone even though the output was not separately sold. Profits attributable to distinct stages of production could be computed separately on a market-value basis, supporting deduction eligibility for that production activity. The overall result was mixed, with one issue decided for the Revenue and the other for the assessee. en-us Thu, 29 Nov 2001 00:00:00 +0530 Mon, 25 May 2009 13:34:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12935 Depreciation on scientific equipment was held unavailable where the related expenditure had already been fully allowed under the incentive provision as amended, and the challenge to the validity of that provision was outside the scope of the reference. By contrast, limestone extraction was treated as part of an integrated industrial process for cement manufacture, so the activity still constituted production of limestone even though the output was not separately sold. Profits attributable to distinct stages of production could be computed separately on a market-value basis, supporting deduction eligibility for that production activity. The overall result was mixed, with one issue decided for the Revenue and the other for the assessee. Case-Laws Income Tax Thu, 29 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12935