https://www.taxtmi.com/caselaws?id=12978 Issues involved: The nature of subsidy receipts, allowability of depreciation on an asset not registered in the name of the assessee-company, and the deletion of subsidy received by the assessee as a capital account.Nature of Subsidy Receipts: The Tribunal held that the subsidy receipts were non-taxable in the hands of the assessee as they were of a casual and non-recurring nature. The Tribunal found that the subsidy did not impact the income or tax liability of the assessee, and therefore, it was not taxable. However, the claim of expenses was not allowed.Allowability of Depreciation: The Tribunal's decision on the depreciation issue was consistent with precedent, and the reference was answered in favor of the assessee.Deletion of Subsidy as Capital Account: The Tribunal ruled in favor of the assessee regarding the deletion of subsidy received as a capital account, as the subsidy was utilized for acquiring a capital asset in a previous year.Conclusion: The Tribunal's decisions were upheld in favor of the assessee on all issues, including the nature of subsidy receipts, the allowability of depreciation, and the deletion of subsidy received as a capital account. en-us Tue, 12 Sep 2000 00:00:00 +0530 Mon, 25 May 2009 17:31:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12978 Issues involved: The nature of subsidy receipts, allowability of depreciation on an asset not registered in the name of the assessee-company, and the deletion of subsidy received by the assessee as a capital account.Nature of Subsidy Receipts: The Tribunal held that the subsidy receipts were non-taxable in the hands of the assessee as they were of a casual and non-recurring nature. The Tribunal found that the subsidy did not impact the income or tax liability of the assessee, and therefore, it was not taxable. However, the claim of expenses was not allowed.Allowability of Depreciation: The Tribunal's decision on the depreciation issue was consistent with precedent, and the reference was answered in favor of the assessee.Deletion of Subsidy as Capital Account: The Tribunal ruled in favor of the assessee regarding the deletion of subsidy received as a capital account, as the subsidy was utilized for acquiring a capital asset in a previous year.Conclusion: The Tribunal's decisions were upheld in favor of the assessee on all issues, including the nature of subsidy receipts, the allowability of depreciation, and the deletion of subsidy received as a capital account. Case-Laws Income Tax Tue, 12 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12978