https://www.taxtmi.com/caselaws?id=262927 The Tribunal upheld the CIT(A)'s decision, confirming that the capital subsidy should not be reduced from the cost of assets for depreciation purposes, dismissing the revenue's appeal. Additionally, the Tribunal agreed with the CIT(A) in deleting the disallowance of interest expenses related to exempt income, as there was no direct nexus between borrowed funds and investments generating exempt income. Consequently, both appeals by the revenue were dismissed, ruling in favor of the assessee. en-us Fri, 14 Aug 2015 00:00:00 +0530 Sat, 22 Aug 2015 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262927 The Tribunal upheld the CIT(A)'s decision, confirming that the capital subsidy should not be reduced from the cost of assets for depreciation purposes, dismissing the revenue's appeal. Additionally, the Tribunal agreed with the CIT(A) in deleting the disallowance of interest expenses related to exempt income, as there was no direct nexus between borrowed funds and investments generating exempt income. Consequently, both appeals by the revenue were dismissed, ruling in favor of the assessee. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262927