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Case Law Details

Case Name : DCIT Vs Echjay Industries Pvt. Ltd. (ITAT Mumbai)
Related Assessment Year : 2002-03
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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 business of manufacturing engineering products & exports. Case of the assessee originally assessed u/s. 143(3) of the Act, determining total income at Rs. 14,77,02,280/- against the returned income of Rs. 12,74,92,260/-.

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