https://www.taxtmi.com/caselaws?id=18025 The High Court held that capital subsidies received by the assessee should not be deducted from the 'actual cost' of assets for depreciation calculation, as clarified by the Supreme Court. The Court emphasized that government subsidies aimed at promoting industrial development in backward areas should not be subtracted from the asset cost for depreciation purposes, based on a liberal interpretation of the term 'actual cost' under the Income-tax Act. The Revenue's appeal seeking reference of the legal question was dismissed by the High Court in light of the Supreme Court's authoritative ruling and the overturning of prior decisions on the issue. en-us Thu, 10 Oct 1996 00:00:00 +0530 Sat, 26 Sep 2009 12:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18025 The High Court held that capital subsidies received by the assessee should not be deducted from the 'actual cost' of assets for depreciation calculation, as clarified by the Supreme Court. The Court emphasized that government subsidies aimed at promoting industrial development in backward areas should not be subtracted from the asset cost for depreciation purposes, based on a liberal interpretation of the term 'actual cost' under the Income-tax Act. The Revenue's appeal seeking reference of the legal question was dismissed by the High Court in light of the Supreme Court's authoritative ruling and the overturning of prior decisions on the issue. Case-Laws Income Tax Thu, 10 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18025