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2013 (3) TMI 582 - HC - VAT and Sales TaxDeferment of payment of tax and remission of tax for sick industrial units - Calculation of gross value of fixed capital assets - whether the gross value of the fixed capital assets has to be ascertained on the basis of the actual investment made by the company and not the depreciated value? Held that:- Gross value of the fixed capital assets as stood on the date of rehabilitation/revival of a sick unit and the cost of new plant and machinery purchased and installed have to be taken into account. Therefore with respect to a new plant and machinery purchased and installed it is not difficult to find out the extent of investment because actual price paid can be taken into account. But with regard to the existing machinery or fixed capital assets the value which can be taken into account is the value which stood on the date of rehabilitation or revival of the sick unit. We are as such of the opinion that no interference with the order of the Tribunal is called for. The writ petition is, as such, dismissed.
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