https://www.taxtmi.com/caselaws?id=37698 Receipts from surrender of import entitlements were treated as revenue receipts and therefore taxable. Damages paid for arrears of provident fund contributions were held to be nondeductible, following binding precedent on provident fund default liabilities. Development rebate was allowed on plant and machinery costing less than Rs. 750 each because the assets remained capital in nature, the full cost allowance did not make actual cost nil for rebate purposes, and the required development rebate reserve had been created. The reference was thus answered against the assessee on the first two issues and in its favour on the third. en-us Mon, 27 Nov 1978 00:00:00 +0530 Wed, 31 Mar 2010 15:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37698 Receipts from surrender of import entitlements were treated as revenue receipts and therefore taxable. Damages paid for arrears of provident fund contributions were held to be nondeductible, following binding precedent on provident fund default liabilities. Development rebate was allowed on plant and machinery costing less than Rs. 750 each because the assets remained capital in nature, the full cost allowance did not make actual cost nil for rebate purposes, and the required development rebate reserve had been created. The reference was thus answered against the assessee on the first two issues and in its favour on the third. Case-Laws Income Tax Mon, 27 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37698