Depreciation on Increased cost of Asset due to Withdrawal of exemption of Custom duty certificate has to be computed from Year of Withdrawal : HC
Facts of the Case :- Assessee imported hospital equipments during years 1988-89 and 1992-93, without payment of custom duty on basis of a Customs Duty Exemption Certificate (CDEC). Imported equipment was capitalized by assessee on actual value of equipment paid by it. Subsequently, CDEC granted to assessee was withdrawn on . Later, by an order dated… Read More »