https://www.taxtmi.com/caselaws?id=38450 The High Court determined that the payment received by the assessee from a German firm for low output of a defective machine was compensation for loss of production and profits, not a rebate affecting depreciation. The Court relied on relevant case laws and the Sale of Goods Act, emphasizing that the payment was akin to compensation. Consequently, the Court ruled in favor of the assessee, highlighting the nature of the payment as compensation for loss of production and profits. Both judges concurred with the decision, and no costs were awarded in the case. en-us Wed, 22 Feb 1978 00:00:00 +0530 Tue, 06 Apr 2010 12:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38450 The High Court determined that the payment received by the assessee from a German firm for low output of a defective machine was compensation for loss of production and profits, not a rebate affecting depreciation. The Court relied on relevant case laws and the Sale of Goods Act, emphasizing that the payment was akin to compensation. Consequently, the Court ruled in favor of the assessee, highlighting the nature of the payment as compensation for loss of production and profits. Both judges concurred with the decision, and no costs were awarded in the case. Case-Laws Income Tax Wed, 22 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38450