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of <h1>Supreme Court: Transport, Power, Interest Subsidies Qualify for Deductions u/ss 80-IB and 80-IC of Income-tax Act.</h1> The circular addresses the eligibility of transport, power, and interest subsidies received by industrial undertakings for deductions under sections 80-IB and 80-IC of the Income-tax Act, 1961. The Supreme Court ruled these subsidies as part of profits and gains derived from business activities, not as 'Income from other sources.' Consequently, such subsidies qualify for deductions under Chapter VI-A of the Act. The circular advises that appeals on this settled issue should not be filed, and existing ones should be withdrawn. This directive is to be communicated to all relevant parties.
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