https://www.taxtmi.com/caselaws?id=328851 The Court ruled in favor of the assessee on both issues. It held that the subsidy received for investment in a backward area should not reduce the value of assets for depreciation calculation under Section 43(1) of the Income Tax Act. Additionally, the Court determined that Explanation 10 to Section 43(1) cannot be applied retrospectively to assets acquired before its insertion, particularly when those assets were already part of a block of assets. en-us Tue, 07 Jun 2016 00:00:00 +0530 Thu, 16 Jun 2016 13:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328851 The Court ruled in favor of the assessee on both issues. It held that the subsidy received for investment in a backward area should not reduce the value of assets for depreciation calculation under Section 43(1) of the Income Tax Act. Additionally, the Court determined that Explanation 10 to Section 43(1) cannot be applied retrospectively to assets acquired before its insertion, particularly when those assets were already part of a block of assets. Case-Laws Income Tax Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328851