https://www.taxtmi.com/caselaws?id=328548 The Tribunal ruled in favor of the assessee, allowing the subsidies (transport, power, interest, and insurance) to be eligible for deduction under Section 80IC of the Income Tax Act. The Tribunal held that the subsidies were profits derived from the business of manufacturing calcined petroleum coke. The Assessment Order passed by the AO was deemed not erroneous or prejudicial to the interest of revenue as the issue had been settled by the Supreme Court, leading to the quashing of the CIT's order under Section 263. en-us Wed, 01 Jun 2016 00:00:00 +0530 Tue, 07 Jun 2016 11:42:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328548 The Tribunal ruled in favor of the assessee, allowing the subsidies (transport, power, interest, and insurance) to be eligible for deduction under Section 80IC of the Income Tax Act. The Tribunal held that the subsidies were profits derived from the business of manufacturing calcined petroleum coke. The Assessment Order passed by the AO was deemed not erroneous or prejudicial to the interest of revenue as the issue had been settled by the Supreme Court, leading to the quashing of the CIT's order under Section 263. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328548