https://www.taxtmi.com/caselaws?id=56297 The Appellate Tribunal allowed the appeal of the assessee, a Limited Company, in a case concerning the treatment of a penalty paid to custom authorities for the import of a machine. The Tribunal held that the penalty amount should be added to the actual cost of the machinery, making it eligible for depreciation and investment allowance. This decision was based on the precedent set by the Supreme Court in a similar case, allowing the assessee to claim depreciation and investment allowance on the penalty amount. Consequently, the appeal was decided in favor of the assessee. en-us Fri, 18 Jan 1985 00:00:00 +0530 Thu, 02 Dec 2010 18:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56297 The Appellate Tribunal allowed the appeal of the assessee, a Limited Company, in a case concerning the treatment of a penalty paid to custom authorities for the import of a machine. The Tribunal held that the penalty amount should be added to the actual cost of the machinery, making it eligible for depreciation and investment allowance. This decision was based on the precedent set by the Supreme Court in a similar case, allowing the assessee to claim depreciation and investment allowance on the penalty amount. Consequently, the appeal was decided in favor of the assessee. Case-Laws Income Tax Fri, 18 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56297