Tax Court: Subsidy not Deductible from Plant & Machinery Cost

The Delhi HC ruled in favor of the assessee for the assessment year 1981-82, holding that the subsidy value should not be deducted from the Plant & Machinery cost for tax purposes, following the SC decision in CIT v. P. J. Chemicals Ltd. (1994) 210 ITR 830.

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The Delhi High Court ruled in favor of the assessee for the assessment year 1981-82. The court held that the value of the subsidy should not be reduced from the cost of Plant & Machinery for tax purposes, citing a Supreme Court decision in CIT v. P. J. Chemicals Ltd. (1994) 210 ITR 830.

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