https://www.taxtmi.com/caselaws?id=182987 The High Court ruled in favor of the assessee concerning the deductibility of subsidy from the actual cost of assets under section 43(1) of the Income-tax Act, 1961, following the decision in CIT v. P.J. Chemicals Ltd. The Court clarified that capital subsidy should not be deducted when computing the actual cost. Regarding the disallowance of interest amounting to Rs. 59,250 under sections 36(1)(iii) and 37, the Court did not pass an order due to the absence of representation from the assessee, leaving the questions unanswered. en-us Tue, 29 Mar 2005 00:00:00 +0530 Wed, 25 May 2016 16:43:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182987 The High Court ruled in favor of the assessee concerning the deductibility of subsidy from the actual cost of assets under section 43(1) of the Income-tax Act, 1961, following the decision in CIT v. P.J. Chemicals Ltd. The Court clarified that capital subsidy should not be deducted when computing the actual cost. Regarding the disallowance of interest amounting to Rs. 59,250 under sections 36(1)(iii) and 37, the Court did not pass an order due to the absence of representation from the assessee, leaving the questions unanswered. Case-Laws Income Tax Tue, 29 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182987