https://www.taxtmi.com/caselaws?id=286819 Depreciation was allowed on jetty construction cost where the arrangement conferred business use rights and the expenditure was treated as giving rise to a commercial right in the nature of an intangible asset. Unutilised CENVAT credit in closing stock could not be added where stock and purchases were consistently recorded net of excise and adjustments had to be matched to reflect true profits. Staff club contributions were not disallowable on identical facts previously accepted. Sales tax exemption under an incentive scheme retained capital receipt character. Lease rent on pipelines was deleted on consistency with earlier years. For captive power transfer, section 80IA required market value testing, and the industrial consumer tariff benchmark was accepted for deduction. en-us Wed, 18 Nov 2015 00:00:00 +0530 Tue, 17 Mar 2020 10:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286819 Depreciation was allowed on jetty construction cost where the arrangement conferred business use rights and the expenditure was treated as giving rise to a commercial right in the nature of an intangible asset. Unutilised CENVAT credit in closing stock could not be added where stock and purchases were consistently recorded net of excise and adjustments had to be matched to reflect true profits. Staff club contributions were not disallowable on identical facts previously accepted. Sales tax exemption under an incentive scheme retained capital receipt character. Lease rent on pipelines was deleted on consistency with earlier years. For captive power transfer, section 80IA required market value testing, and the industrial consumer tariff benchmark was accepted for deduction. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286819