https://www.taxtmi.com/caselaws?id=270991 The Tribunal dismissed the Assessee's appeal, affirming that the subsidy received was revenue in nature and taxable. It upheld the reduction of the subsidy from the actual cost of machinery for depreciation purposes. The Tribunal ruled that the amendment to Section 2(24)(xviii) of the Income Tax Act, 1961 was prospective and not applicable retrospectively to the assessment year in question. en-us Fri, 15 Jan 2016 00:00:00 +0530 Fri, 22 Jan 2016 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270991 The Tribunal dismissed the Assessee's appeal, affirming that the subsidy received was revenue in nature and taxable. It upheld the reduction of the subsidy from the actual cost of machinery for depreciation purposes. The Tribunal ruled that the amendment to Section 2(24)(xviii) of the Income Tax Act, 1961 was prospective and not applicable retrospectively to the assessment year in question. Case-Laws Income Tax Fri, 15 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270991