https://www.taxtmi.com/caselaws?id=65816 The Appellate Tribunal ITAT GAUHATI dismissed three appeals related to the deduction of central subsidy from the cost of plant and machinery for depreciation calculation. The Tribunal upheld the CIT(A)'s decision to allow depreciation and investment allowance without deducting the subsidy amount. Additionally, investment allowance was granted on tubewells inside the factory premises as they were deemed essential for the manufacturing process. The Tribunal concluded that the central subsidy was not intended to offset specific asset costs, affirming the orders in favor of the assessee. en-us Mon, 05 May 1986 00:00:00 +0530 Fri, 18 Feb 2011 18:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65816 The Appellate Tribunal ITAT GAUHATI dismissed three appeals related to the deduction of central subsidy from the cost of plant and machinery for depreciation calculation. The Tribunal upheld the CIT(A)'s decision to allow depreciation and investment allowance without deducting the subsidy amount. Additionally, investment allowance was granted on tubewells inside the factory premises as they were deemed essential for the manufacturing process. The Tribunal concluded that the central subsidy was not intended to offset specific asset costs, affirming the orders in favor of the assessee. Case-Laws Income Tax Mon, 05 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65816