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WDV of assets cannot be adjusted by amount of compensation for defective product

Case Law Details

Case Name : DCIT Vs Echjay Industries Pvt. Ltd. (ITAT Mumbai)
Appeal Number : ITA No. 1193/Mum/2023
Date of Judgement/Order : 25/08/2023
Related Assessment Year : 2002-03
Courts : All ITAT ITAT Mumbai
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DCIT Vs Echjay Industries Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that amount of compensation for defective product being capital in nature cannot be adjusted from WDV of the assets.

Facts- Assessee Company is engaged into the

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Name: POONAM GANDHI
Qualification: CA in Practice
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Location: AHMEDABAD, Gujarat, India
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