https://www.taxtmi.com/caselaws?id=442694 Duty credit entitlement under the Served from India Scheme was treated as a capital receipt because it was linked to acquisition of capital goods and spares, not ordinary trading operations. When utilized for assets, the credit had to reduce the actual cost under Explanation 10 to section 43(1), with corresponding recomputation of depreciation and book profit under section 115JB to the extent the receipt was capital in nature. Scrap sales and miscellaneous receipts generated from port maintenance and operational activity were held to have a direct business nexus and were eligible for deduction under section 80-IA as receipts of the eligible undertaking. en-us Fri, 11 Aug 2023 00:00:00 +0530 Tue, 02 Jan 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442694 Duty credit entitlement under the Served from India Scheme was treated as a capital receipt because it was linked to acquisition of capital goods and spares, not ordinary trading operations. When utilized for assets, the credit had to reduce the actual cost under Explanation 10 to section 43(1), with corresponding recomputation of depreciation and book profit under section 115JB to the extent the receipt was capital in nature. Scrap sales and miscellaneous receipts generated from port maintenance and operational activity were held to have a direct business nexus and were eligible for deduction under section 80-IA as receipts of the eligible undertaking. Case-Laws Income Tax Fri, 11 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442694