https://www.taxtmi.com/caselaws?id=4348 The HC considered two income tax issues: (a) allowability of Rs. 67,237 rent for guest house under section 37(4), and (b) treatment of subsidy in depreciation computation under section 43(1). Following SC precedent in Britannia Industries, the court held that guest house rent falls within section 37(4) disallowance provisions, ruling against the assessee. On the second issue, applying SC decision in P.J. Chemicals, the court held that government subsidies are incentives and should not be deducted from actual asset cost for depreciation purposes, ruling in favor of the assessee. en-us Tue, 27 Nov 2007 00:00:00 +0530 Sat, 21 Jun 2025 10:30:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4348 The HC considered two income tax issues: (a) allowability of Rs. 67,237 rent for guest house under section 37(4), and (b) treatment of subsidy in depreciation computation under section 43(1). Following SC precedent in Britannia Industries, the court held that guest house rent falls within section 37(4) disallowance provisions, ruling against the assessee. On the second issue, applying SC decision in P.J. Chemicals, the court held that government subsidies are incentives and should not be deducted from actual asset cost for depreciation purposes, ruling in favor of the assessee. Case-Laws Income Tax Tue, 27 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4348