https://www.taxtmi.com/caselaws?id=338851 The Tribunal allowed the assessee's appeals for statistical purposes and dismissed the department's appeal regarding the availability of deduction under section 80 IA on subsidies received. The Tribunal directed the assessing officer to reconsider the deduction claim in light of the Supreme Court judgment, emphasizing that subsidies reimbursed for costs incurred in the business are eligible for deduction. The nature of the subsidy was assumed to be revenue in nature, following the precedent that subsidies can be included under the head "profits and gains of business or profession." en-us Fri, 10 Feb 2017 00:00:00 +0530 Mon, 13 Feb 2017 10:04:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338851 The Tribunal allowed the assessee's appeals for statistical purposes and dismissed the department's appeal regarding the availability of deduction under section 80 IA on subsidies received. The Tribunal directed the assessing officer to reconsider the deduction claim in light of the Supreme Court judgment, emphasizing that subsidies reimbursed for costs incurred in the business are eligible for deduction. The nature of the subsidy was assumed to be revenue in nature, following the precedent that subsidies can be included under the head "profits and gains of business or profession." Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338851