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2002 (5) TMI 22 - RAJASTHAN HIGH COURTDepreciation, Balancing Charge - "Whether the learned Tribunal was right in law in holding that the amount of Rs. 2,75,000 received by the assessee-company from Coca-Cola Export Corporation was liable to be taxed as income within the meaning of section 41(2) of the Income-tax Act, 1961?" - "Whether the learned Tribunal was right in law in holding that the amount of Rs. 38,500 received by the assessee-company from Coca-Cola Export Corporation was liable to be taxed as income within the meaning of section 41(2) of the Income-tax Act, 1961?" - we answer the question referred to us in each case in the affirmative, that is to say, in favour of the Revenue and against the assessee and hold that the amount received by the assessee-company from Coca-Cola Export Corporation as a compensation for destruction of Coca-Cola and Fanta bottles, was liable to be taxed as income of the previous year relevant to the assessment year in which such amount was received under section 41(2) of the Income-tax Act as it was existing during the relevant assessment years.
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