https://www.taxtmi.com/caselaws?id=69007 The Tribunal upheld the Commissioner's decision to reduce the capital grants received by the assessee from the Government from the cost of assets for claiming depreciation and investment allowance. The Tribunal emphasized that the purpose of sec. 43(1) of the IT Act was to ensure depreciation was allowed only on the actual cost borne by the assessee, not on amounts met by other entities. The Tribunal directed the Income Tax Officer to verify and correct the amounts of capital grants received by the assessee for accurate depreciation calculation, ultimately dismissing the appeals. en-us Tue, 20 Sep 1988 00:00:00 +0530 Mon, 04 Apr 2011 14:59:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69007 The Tribunal upheld the Commissioner's decision to reduce the capital grants received by the assessee from the Government from the cost of assets for claiming depreciation and investment allowance. The Tribunal emphasized that the purpose of sec. 43(1) of the IT Act was to ensure depreciation was allowed only on the actual cost borne by the assessee, not on amounts met by other entities. The Tribunal directed the Income Tax Officer to verify and correct the amounts of capital grants received by the assessee for accurate depreciation calculation, ultimately dismissing the appeals. Case-Laws Income Tax Tue, 20 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69007