Glass bottles used by soft drink company are “fixed capital investment” and exempt from trade tax- Supreme Court

Commissioner of Trade Tax, U.P. Vs. Varun Beverages Limited Summary : -Glass bottles used by a soft drink company are “fixed capital investment” and are exempted from trade tax, the Supreme Court ruled in the case, Commissioner of Trade Tax, Uttar Pradesh vs Varun Beverages Ltd. However, crates used to carry the bottles are not fixed capital investment, the court added. The argument of the soft drink company was that it was entitled to exemption for all fixed capital investment including land, building, apparatus, components and equipment which are necessary for the establishment and runn...