https://www.taxtmi.com/caselaws?id=216473 ITAT held the sales-tax subsidy was a capital receipt because its object was to fund factory setup in a backward area and thus excluded from total income. Computer peripherals (printers, scanners, NT server) are integral to computers and eligible for 60% depreciation. Assessment was remanded for s.14A/Rule 8D consideration as disallowance for expenses on tax-free investments required fresh fact-finding. Balance of additional depreciation (remaining 50%) allowed in the subsequent year when initial year restriction applied. Foreign-exchange fluctuation loss held allowable under s.37(1). en-us Fri, 05 Aug 2011 00:00:00 +0530 Mon, 03 Aug 2026 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216473 ITAT held the sales-tax subsidy was a capital receipt because its object was to fund factory setup in a backward area and thus excluded from total income. Computer peripherals (printers, scanners, NT server) are integral to computers and eligible for 60% depreciation. Assessment was remanded for s.14A/Rule 8D consideration as disallowance for expenses on tax-free investments required fresh fact-finding. Balance of additional depreciation (remaining 50%) allowed in the subsequent year when initial year restriction applied. Foreign-exchange fluctuation loss held allowable under s.37(1). Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216473