against the assessee.
34. During the assessment year, the company acquired loose tools worth Rs. 24,401 (apart from other equipment) for the running ... disallowed the rebate thereon on the ground that the items being loose tools were not machinery or plant and, therefore, the company was entitled only
show what amount would be required annually to replace loose tools. furniture, moulds, motor cars, laboratory equipment, etc. According to this statement ... replacement is required to be made in the case of loose tools, furniture, etc., because it appears from the assessment orders filed by the company
that the type metal in molten form could be treated as loose tools, and therefore the treatment of such metal as had been done ... year would be a distorted one. Even on the analogy of loose tools, the learned Standing Counsel submitted that in view of the text book
that the type metal in molten form could be treated as loose tools, and therefore the treatment of such metal as had been done ... year would be a distorted one. Even on the analogy of loose tools, the learned Standing Counsel submitted that in view of the text book
that the type metal in molten form could be treated as loose tools and, therefore, the treatment of such metal as had been done ... year would be a distorted one. Even on the analogy of loose tools, learned standing counsel submitted, that in view of the text book
This is in addition to the value of
stock of stores, loose tools, etc. claimed
separately as revenue expenditure. The items viz.
Tools, Dies, Jigs ... revenue but
capital expenditure as they are not consumable items
like loose tools. Unlike loose tools, the life of
'Tools, Dies, Jigs & Moulds
case, the development rebate is allowable in respect of loose tools where individual items of loose tools cost less than Rs. 750 and was allowed ... Tribunal was whether development rebate could be granted in respect of loose tools where the individual item costs less than Rs. 750. The assessed contended
case, the development rebate is allowable in respect of loose tools, amounting to Rs. 70,303. each item costing Rs. 750 or less ? and
Whether ... correct both on facts and in law in holding that the loose tools and block tools were entitled for development rebate under the Income
such loans under each head
+(4) Other Loans and Advances.
(3) Loose Tools.
Debts due by directors or
other officers of the company
such loans
under each
head
(4) Other
Loans and
Advances.
(3) Loose
Tools.
Debts due by
directors or other
officers of the
company
