Upgrade to AI Search ✕

We've upgraded AI Search on TaxTMI with two powerful modes:

1. Basic
• Quick overview summary answering your query with references• Category-wise results to explore all relevant documents on TaxTMI

2. Advanced
• Includes everything in Basic
• Detailed report covering:
     - Overview Summary
     - Governing Provisions [Acts, Notifications, Circulars]
     - Relevant Case Laws
     - Tariff / Classification / HSN
     - Expert views from TaxTMI
     - Practical Guidance with immediate steps and dispute strategy

• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:

Call Us / Help / Feedback✕

TMI Blog

Home /

Previous Next

SFIS Credits Reduce Capital Goods Costs, Not Income, by Capitalizing Assets at Purchase Value.

X X X X Extracts X X X X

Full Text of the Document

X X X X Extracts X X X X

....Character of income - Served from India Scheme Scrips - SFIS credit available through a specific certificate as furnished to each vendor has been utilized to make purchases of capital goods at net of Excise prices. Those capital assets have then been capitalized at the purchase value. Clearly therefore, SFIS credit is not in the nature of income. SFIS credit goes to reduce the cost of capital goods purchased by the Assessee - AT....

Previous Next

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

SFIS Credits Reduce Capital Goods Costs, Not Income, by Capitalizing Assets at Purchase Value.