https://www.taxtmi.com/caselaws?id=36946 The Tribunal ruled in favor of the assessee on all issues. It held that centrifugal pumps and motors qualified as agricultural implements, entitling the assessee to higher development rebate and deduction under section 80-I. Additionally, the margin amount paid for government securities was allowed as a revenue loss, as it was deemed incidental to the business and essential for maintaining goodwill with tax authorities. The Tribunal's decisions were based on interpretations aligning with exemptions under the Sales Tax Act and the Income Tax Act, resulting in a favorable outcome for the assessee. en-us Wed, 09 Jan 1980 00:00:00 +0530 Thu, 25 Mar 2010 15:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36946 The Tribunal ruled in favor of the assessee on all issues. It held that centrifugal pumps and motors qualified as agricultural implements, entitling the assessee to higher development rebate and deduction under section 80-I. Additionally, the margin amount paid for government securities was allowed as a revenue loss, as it was deemed incidental to the business and essential for maintaining goodwill with tax authorities. The Tribunal's decisions were based on interpretations aligning with exemptions under the Sales Tax Act and the Income Tax Act, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Wed, 09 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36946