Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Depreciation on fixed assets funded by project subsidy was allowed, as the Tribunal followed the assessee's own earlier year decision and held that subsidy did not by itself justify denial of depreciation. Additional depreciation on new plant and machinery was remitted for fresh verification because the nature, use and acquisition purpose of the machinery had not been properly examined. Expenditure on Mahila Netruva Vikas Gokul Gram was also sent back, since bills and vouchers were not produced to establish genuineness. Deduction under section 80P(2)(d) on interest from co-operative banks was upheld, the Tribunal applying its consistent view that such interest qualifies for relief.
Depreciation on fixed assets funded by project subsidy was allowed, as the Tribunal followed the assessee's own earlier year decision and held that subsidy did not by itself justify denial of depreciation. Additional depreciation on new plant and machinery was remitted for fresh verification because the nature, use and acquisition purpose of the machinery had not been properly examined. Expenditure on Mahila Netruva Vikas Gokul Gram was also sent back, since bills and vouchers were not produced to establish genuineness. Deduction under section 80P(2)(d) on interest from co-operative banks was upheld, the Tribunal applying its consistent view that such interest qualifies for relief.
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