https://www.taxtmi.com/caselaws?id=16624 The court denied the assessee's entitlement to initial depreciation for manufacturing paper tubes and cones, ruling that they did not qualify as industrial machinery under the Income-tax Act. However, the court upheld the assessee's position on the treatment of the subsidy received, stating that it did not reduce the cost of assets for depreciation purposes. The judgment emphasized the importance of legislative intent in interpreting tax implications and clarified the definition of "industrial machinery" under the Act. en-us Tue, 04 Feb 1997 00:00:00 +0530 Wed, 09 Sep 2009 10:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16624 The court denied the assessee's entitlement to initial depreciation for manufacturing paper tubes and cones, ruling that they did not qualify as industrial machinery under the Income-tax Act. However, the court upheld the assessee's position on the treatment of the subsidy received, stating that it did not reduce the cost of assets for depreciation purposes. The judgment emphasized the importance of legislative intent in interpreting tax implications and clarified the definition of "industrial machinery" under the Act. Case-Laws Income Tax Tue, 04 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16624