https://www.taxtmi.com/caselaws?id=16625 Initial depreciation was denied because the assessee manufactured paper cones and paper tubes, which were treated as accessories or parts of textile machinery, and the benefit was confined to cases where the assessee manufactured machinery itself. Subsidy received from SIPCOT was not deducted from the actual cost of assets under section 43(1) because it was not intended to meet the cost of any specific asset, so it did not reduce depreciation base. The reference was thus answered partly for each side, with the assessee failing on initial depreciation but succeeding on the subsidy issue. en-us Tue, 11 Feb 1997 00:00:00 +0530 Wed, 09 Sep 2009 10:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16625 Initial depreciation was denied because the assessee manufactured paper cones and paper tubes, which were treated as accessories or parts of textile machinery, and the benefit was confined to cases where the assessee manufactured machinery itself. Subsidy received from SIPCOT was not deducted from the actual cost of assets under section 43(1) because it was not intended to meet the cost of any specific asset, so it did not reduce depreciation base. The reference was thus answered partly for each side, with the assessee failing on initial depreciation but succeeding on the subsidy issue. Case-Laws Income Tax Tue, 11 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16625