https://www.taxtmi.com/caselaws?id=437946 In a works contract valuation, deductions from taxable turnover extend to labour and service components, including proportionate depreciation on plant and machinery used exclusively for execution of the contract. The absence of an express statutory reference to depreciation did not bar the deduction where it followed the settled principle governing works contract computation. Expenses such as bank interest, postage, telephone, fuel and lubricants, and allied establishment costs were also deductible to the extent they were relatable to labour and services. The Tribunal's allowance of these deductions was upheld and the revenue challenge failed. en-us Wed, 19 Apr 2023 00:00:00 +0530 Thu, 18 May 2023 22:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437946 In a works contract valuation, deductions from taxable turnover extend to labour and service components, including proportionate depreciation on plant and machinery used exclusively for execution of the contract. The absence of an express statutory reference to depreciation did not bar the deduction where it followed the settled principle governing works contract computation. Expenses such as bank interest, postage, telephone, fuel and lubricants, and allied establishment costs were also deductible to the extent they were relatable to labour and services. The Tribunal's allowance of these deductions was upheld and the revenue challenge failed. Case-Laws VAT and Sales Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437946