Court dismisses petition on central subsidy as non-contribution to plant cost for tax purposes

The High Court of Punjab and Haryana dismissed the petition regarding the interpretation of section 43(1) of the Income-tax Act, 1961. The central subsidy received by the assessee was not considered a contribution towards the cost of plant and machinery for tax purposes. No costs were awarded.

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The High Court of Punjab and Haryana dismissed the petition regarding the interpretation of section 43(1) of the Income-tax Act, 1961. The central subsidy received by the assessee was not considered a contribution towards the cost of plant and machinery for tax purposes. No costs were awarded.

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