1999 (3) TMI 28

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..... s of manufacturing and marketing soft drinks, as a licensee for the brands known as Coca Cola and Fanta. The soft drinks manufactured by it were sold in bottles. The assessee had huge stocks of bottles, in the year 1977, in which year the Coca Cola company withdrew from the Indian market, as it was not willing to comply with certain conditions which the Government of India wanted it to comply with .....

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..... pany which had provided bottles to a soft drink manufacturer on lease, held that each bottle constituted a plant for the purpose of manufacturing and marketing of soft drinks and it has therefore to be treated as a capital asset the largest profit in relation to which should be determined in the manner provided in the Act. The ratio of that decision applies to the assessee herein as well, who is .....

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..... must therefore be answered in favour of the Revenue and against the assessee. The assessee did not have the occasion to raise before the Income-tax Officer its claim with reference to depreciation, as it had been misled by the fact that the Department itself had in some years, accepted that the amounts spent on acquiring the bottles and the value of the bottles not returned or broken were to be t .....

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