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Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Income generated on sale of goods generated on trial run - ...

Income Tax

March 21, 2017

Income generated on sale of goods generated on trial run - taxable as revenue or not - if the assessee receives any amounts which are inextricably linked with the process of setting up its plant and machinery, such receipts will go to reduce the cost of its assets. These are receipts of a capital nature and cannot be taxed as income. - AT

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