https://www.taxtmi.com/caselaws?id=19217 The High Court of Himachal Pradesh held that cash subsidies received by the assessee should not be deducted from the cost of machinery and plant for depreciation purposes under the Income-tax Act, 1961. The subsidies were deemed as general incentives for establishing industries in backward areas and did not directly or indirectly meet the cost of the assets. The court aligned with the decisions of other High Courts and ruled in favor of the assessee, disposing of all references in favor of the assessee without any order as to costs. en-us Wed, 24 May 1995 00:00:00 +0530 Wed, 04 Nov 2009 16:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19217 The High Court of Himachal Pradesh held that cash subsidies received by the assessee should not be deducted from the cost of machinery and plant for depreciation purposes under the Income-tax Act, 1961. The subsidies were deemed as general incentives for establishing industries in backward areas and did not directly or indirectly meet the cost of the assets. The court aligned with the decisions of other High Courts and ruled in favor of the assessee, disposing of all references in favor of the assessee without any order as to costs. Case-Laws Income Tax Wed, 24 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19217