https://www.taxtmi.com/caselaws?id=37844 The court ruled in favor of the assessee regarding the inclusion of half of the profits from baby food and cheese units in the capital employed for tax holiday purposes, based on precedent. However, the court sided with the revenue in the matter of including grant-in-aid from the Government of Gujarat in the capital employed, determining that the grant was not specifically intended for acquiring plant and machinery. The court emphasized following the prescribed computation rules and upheld the evaluation of assets based on their written down value. The revenue was favored in this aspect, and the assessee was directed to pay costs to the Commissioner of Income-tax. en-us Fri, 24 Mar 1978 00:00:00 +0530 Thu, 01 Apr 2010 13:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37844 The court ruled in favor of the assessee regarding the inclusion of half of the profits from baby food and cheese units in the capital employed for tax holiday purposes, based on precedent. However, the court sided with the revenue in the matter of including grant-in-aid from the Government of Gujarat in the capital employed, determining that the grant was not specifically intended for acquiring plant and machinery. The court emphasized following the prescribed computation rules and upheld the evaluation of assets based on their written down value. The revenue was favored in this aspect, and the assessee was directed to pay costs to the Commissioner of Income-tax. Case-Laws Income Tax Fri, 24 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37844