https://www.taxtmi.com/caselaws?id=39310 For seasonal factories, double shift allowance under rule 8 of the Indian Income-tax Rules, 1922 was held to be governed by the specific multiple-shift formula in the remarks column, which treats 300 days as the normal working year for machinery and plant; the broader second proviso to rule 8 did not displace that specific computation. The issue was answered in favour of the Revenue. Interest paid on borrowings raised to purchase and install machinery before commencement of production was held to form part of the actual cost of the asset, so it was includible in the base for development rebate as well as depreciation. The issue was answered in favour of the assessee. en-us Mon, 25 Aug 1975 00:00:00 +0530 Thu, 15 Apr 2010 15:04:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39310 For seasonal factories, double shift allowance under rule 8 of the Indian Income-tax Rules, 1922 was held to be governed by the specific multiple-shift formula in the remarks column, which treats 300 days as the normal working year for machinery and plant; the broader second proviso to rule 8 did not displace that specific computation. The issue was answered in favour of the Revenue. Interest paid on borrowings raised to purchase and install machinery before commencement of production was held to form part of the actual cost of the asset, so it was includible in the base for development rebate as well as depreciation. The issue was answered in favour of the assessee. Case-Laws Income Tax Mon, 25 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39310